Fujfilm May Pursue Legal Action Seeking Damages over Terminated Xerox Deal
Fujifilm released the following statement: “The proposed transaction, including its economic terms, was negotiated at arm’s length based on fair valuations and we continue to believe it is the best option designed to allow the stockholders of both companies to share the enhanced future value of the combined company with Fujifilm. Fujifilm will urge the Xerox Board of Directors to reconsider their decision.”
On May 13th, Xerox announced it was ending negotiations with Fujfilm. It also announced the resignation of various board members, the resignation of Xerox CEO Jacobson, and the appointment of five new board members loyal to Icahn and Deason, as well as the appointment of Icahn consultant John Visentin as the new Xerox CEO.
The Fujifilm statement also said: “Fujifilm disputes Xerox’s unilateral decision to terminate the transaction. We do not believe that Xerox has a legal right to terminate our agreement and we are reviewing all of our available options, including bringing a legal action seeking damages.
“We also regret to learn that the new Xerox board is attempting to deprive its shareholders of the opportunity to vote on a transaction designed to create substantial value to be gained from a combination of Xerox and Fuji Xerox and decide for themselves the future of their company. We note that this action was taken by a board, the control of which was taken from the rest of its shareholders by a minority holding just 15 percent of outstanding shares pursuant to a settlement agreement that was entered into in violation of our agreement.”
- May 2018: Xerox Shareholders to Take Aim at Fuji Xerox Contract Provisions for Xerox Sale
- May 2015: Xerox Investor Deason Seeks Xerox Auction ASAP
- May 2018: Fujifilm Responds to Xerox Decision to Call Off Proposed Deal
- May 2018: Xerox Calls Off Deal with Fujfilm, Will Install New Leadership
- May 2018: Who is Xerox’s New CEO John Visentin?
- May 2018: Xerox Appeals Court Decision that Blocks Xerox-Fuji Xerox Merger
- May 2018: Stunning U-Turn: Xerox Settlement OFF; Current Xerox Board, CEO Remain in Place
- May 2018: In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement
- April 2018: Preliminary Injunction Blocks Proposed Xerox-Fujifilm Deal
- April 2017: Fujiflm Agrees to Re-Open Talks on Proposed Xerox-Fuji Xerox Deal
- 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