Xerox terminates agreement to merge with Fujifilm

Xerox terminates agreement to merge with Fujifilm”

USA photocopier and printer maker Xerox on Sunday announced it was terminating a merger with Fujifilm and appointing a new chief executive after entering into a settlement with activist shareholders who had contested the takeover.

But Icahn and Deason blasted the deal, saying it significantly undervalued the United States company and would be its "death knell".

Xerox said it reached a settlement to replace its chief executive and overhaul its board after it ended a plan to combine with its joint venture with Fujifilm.

Together, Icahn and Deason reportedly own over a tenth of the ~US$8 billion company.

A representative for Fujifilm wasn't immediately available for comment.

As part of the settlement, Xerox and Icahn agreed to withdraw their board candidates from the upcoming shareholder meeting, and said the meeting would be postponed.

Fujifilm said in a statement that it'sreviewing all its options, including legal action.

"Fujifilm disputes Xerox's unilateral decision to terminate the transaction", it said in a statement.

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".

"The transaction can not reasonably be expected to be completed under these circumstances, particularly given the court's injunction of the transaction and the lack of shareholder support for the transaction on current terms, as well as the unresolved accounting issues at Fuji Xerox", the company asserts in a statement.

The company also said in a statement on Sunday that CEO Jeff Jacobson has resigned and that John Visentin is expected to take over as the new boss, Reuters reports. "Absent a viable, timely transaction with Fujifilm, the Xerox board believes it is in the best interests of the company and all of its shareholders to terminate the proposed transaction and enter a new settlement agreement with Icahn and Deason", it said. Both praised Xerox's decision to pull out of the deal.

Mr Icahn welcomed the outcome, stating "we have been exceptionally delighted that Xerox lastly declared the ill advised strategy to seize charge of the business to Fujifilm".

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