Fujiflm Agrees to Re-Open Talks on Proposed Xerox-Fuji Xerox Deal
The battle between Xerox and activist Xerox investors Carl Icahn and Darwin Deason continues, with Nasdaq and The Wall Street Journal both reporting that Fujifilm has agreed to re-open talks regarding its purchase of a controlling interest in Xerox and the merger of Xerox with Fuji Xerox, a decades-old joint venture between Xerox and Fujifilm.
According to Nasaq, Xerox Board Chairman Robert Keegan told a New York State Court yesterday that Xerox and Fujifilm have reopened discussions about their $6.1 billion agreement for Fujifilm to purchase Xerox, “according to sources inside the courtroom.”
A spokesperson for Fujifilm confirmed it had received a request for a renogtiation from Xerox, but Xerox declined to comment.
Xerox’s Keegan was speaking as part of a court hearing involving Xerox shareholder Deason’s lawsuit, which was filed in March 2018, to block Xerox’s deal with Fujifilm and also nominate directors to Xerox’s board.
Deason has also alleged that last year, Xerox sought to replace Xerox CEO Jeff Jacobson because Xerox was under-performing, and that Jacobson pursued talks with Fujifilm even though the board told him not to do so, and that HP Inc. reached out to Xerox to discuss a possible merger.
Carl Icahn also “tweeted” yesterday that he wished to thank all Xerox shareholders that had reached out to him regarding his detailed presentation that suggests alternatives to the proposed Fujfilm deal.
Proposed Xerox-Fuji Xerox merger:
- April 2018: Court Papers Show Conflicted Xerox Board
- April 2018: Xerox, Fujifilm Said to be Renegotiating Proposed Merger; Other Interested Buyer Revealed
- April 2018: Icahn, Deason, Accuse Fujifilm, Xerox CEO of Deceiving Xerox Board
- April 2018: Deason, Icahn, Urge Xerox Partnership with HP, Apple, Others, Monetization of IP
- April 2018: Deason Alleges Xerox CEO Disregarded Board in Pursuing Fujifilm Deal
- March 2018: Icahn Recruits Former IBM, HP Exec in Continuing Bid to Stop Xerox-Fuji Xerox Merger
- March 2018: Xerox-Fuji Xerox Merger May be Good for Xerox Shareholders – But Is It Good for Fujifilm?
- March 2018: Refuting Icahn, Deason, New Xerox Shareholder Letter Lays Out Benefits of Proposed Merger with Fuji Xerox
- March 2018: Deason Sues to Replace Xerox Board; New Joint Deason-Icahn Letter
- March 2018: Xerox Tells Deason: Forget Nominating Any Board Members
- February 2018: Icahn, Deason Propose Sale of Xerox to Competitor or Private-Equity Firm
- February 2018: This Week in Imaging: Fujifilm Envisions the New Combined Xerox-Fuji Xerox
- February 2018: Xerox Responds to Icahn, Deason’s ‘Misguided Campaign’ to Undermine Proposed Fuji Xerox Merger
- February 2018: Seeking to Derail Xerox Merger, Deason Demands to Nominate New Directors to Xerox Board
- February 2018: Deason Files Lawsuit to Block Fujifilm Takeover of Xerox; Xerox Responds to Criticism
- January 2018: Xerox and Fujifilm Announce Agreement for Xerox to Merge with Fuji Xerox