UPDATE 2-Fujifilm sues Xerox for well over $1 bln after aborted merger [Reuters (UK)]
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Source: Reuters
Fujifilm sues Xerox for well over $1 billion after aborted merger | Reuters 3 Min Read NEW YORK (Reuters) - Fujifilm Holdings Corp ( 4901.T ) sued Xerox Corp ( XRX.N ) on Monday for well over $1 billion, faulting the printer and copier company for succumbing to pressure from activist investors Carl Icahn and Darwin Deason in calling off a proposed merger. In a complaint filed with the U.S. District Court in Manhattan, Fujifilm accused Xerox of breach of contract and engaging in “intentional and egregious conduct” in abandoning the $6.1 billion merger announced in January. The merger was scrapped on May 13 when Xerox, in a settlement with Icahn and Deason, agreed to install several new directors and replace Jeff Jacobson as chief executive with longtime technology executive John Visentin. “Xerox has recently been subject to the whims of activist investors Carl Icahn and Darwin Deason, who, notwithstanding their minority ownership of Xerox shares, have yanked the Xerox Board in more
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