Fujifilm is suing Xerox for more than $1 billion over failed merger [CNN]
FUJIFILM HLDGS CORP ADR (FUJIY)
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Source: CNN
Fujifilm is suing Xerox for more than $1 billion over failed merger Fujifilm wants more than $1 billion from Xerox for backing out of a merger between the two companies. The Japanese firm filed a lawsuit in a district court in New York on Monday seeking "punitive damages for Xerox's intentional and egregious conduct" in canceling the deal. Xerox ( XRX ) was set to merge with Fuji Xerox, an existing joint venture between the two companies, in a deal that would have given Fujifilm ( FUJIF ) control of the combined entity . But activist investors Carl Icahn and Darwin Deason, who own 15% of Xerox between them, bitterly opposed the deal , saying it undervalued the iconic American printer and copier firm. Xerox said last month it had reached a new agreement with Icahn and Deason, which also saw CEO Jeff Jacobson and five other board members step down. Related: Xerox pulls out of Fujifilm merger Xerox said in a statement that it was "extremely confident" about its right to back ou
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