Published: Mon, May 14, 2018
Money | By Ralph Mccoy

Xerox ends Fujifilm deal in settlement with Icahn

Xerox ends Fujifilm deal in settlement with Icahn

Xerox shares ended the US Friday trading session in the green, after the print and document provisions firm has ended an agreement to merge with Japan's Fujifilm.

Xerox XRX announced that it notified Fujifilm that the previously announced transaction agreement to combine Xerox with Fuji Xerox is being terminated in accordance with its terms due to the failure by Fujifilm to deliver the audited financials of Fuji Xerox by April 15, 2018 and the material deviations reflected in the audited financials of Fuji Xerox.

"With the limiting Fujifilm agreement terminated, Xerox is now positioned to conduct a true, robust strategic alternatives process".

The decision ends a tumultuous and long-running battle between Icahn, Deason and Xerox, and will see to see the departure of five board members including CEO, Jeff Jacobson.

Six committee members were also interrogate, paving the way for two executives close to Mr Icahn to become set up from the functions of executive and chairman.

But analysts believe the two firms are inextricably intertwined and that Fujifilm is not without bargaining power, while also doubting that talk of other buyers is that substantial.

"Fujifilm will urge the Xerox board of directors to reconsider their decision", the Tokyo-based company said Monday in an emailed statement.

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The Xerox board said it had repeatedly requested a new round of negotiations with Fujifilm that might lead to the Japanese group improving its takeover bid.

Xerox said it believes that the transaction can not reasonably be expected to be completed under the circumstances, particularly given the court injunction and that shareholders didn't support it on current terms, as well as unresolved accounting issues at Fuji Xerox. With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox. The pair said they would be willing to consider any offers for the company of $40 a share or more.

"The board also considered the potential instability and business disruption during a proxy contest".

Deason praised the appointment of Visentin, who he said has spent the last weeks in preparation for the role, engaging in conversation about finding strategic alternatives.

Icahn and Deason have opposed the Fujifilm transaction from the start.

"We are reviewing all of our available options, including bringing a legal action seeking damages".

It said it still believes the takeover is "the best option created to allow the stockholders of both companies to share the enhanced future value of the combined company".

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