Fujifilm likely to review deal with Xerox

May 03, 2018 | News On Japan

May 03, 2018 (NHK) - Japan's Fujifilm Holdings is likely to review its plan to buy the US firm Xerox Corp, after Xerox's CEO and most of its board stepped down.

The 2 companies agreed in January this year that Fujifilm would purchase Xerox Corp and merge it with its existing subsidiary Fuji Xerox. Fujifilm said the move was to increase competitiveness.

But major Xerox shareholders including Carl Icahn have opposed the deal, saying it undervalues Xerox.

Last Friday, a New York court temporarily blocked merger procedures.

Xerox announced on Tuesday it had reached a settlement with Icahn and other opposing shareholders.

The company said its CEO Jeff Jacobson and 6 other board members will step down and be replaced by officials backed by opposition shareholders.

Icahn said in a statement that with new leadership, Xerox will be much better positioned to take advantage of value-enhancing opportunities, including restructuring its relationship with Fujifilm.

Fujifilm has expressed serious concerns over the developments. In a statement, it described the purchase as the best available option, and one that would be of huge benefit to shareholders on both sides. It urged Xerox's new board members to implement the agreed plan.

Fujifilm says it will appeal last week's court decision to block the merger.

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