May 18, 2018
In the latest twist in the thwarted Fujifilm-Xerox deal saga, Fujifilm has revealed that it is planning to sue the OEM for damages.
As Reuters reveals, Fujifilm is set to sue Xerox, “deeming that the U.S. photocopier company has no legal right to unilaterally scrap their $6.1 billion (€5.1 billion) merger”.
“We are currently in talks with lawyers on the schedule for filing the lawsuit and plan to go to court as soon as possible,” revealed Chief Operating Officer Kenji Sukeno during an earnings briefing.
Xerox backed out of the deal with Fujifilm following a tide of opposition from its major shareholders, Carl Icahn and Darwin Deason, “who opposed the deal saying it undervalued” Xerox. As a result of a settlement made between the OEM and the two shareholders, Xerox’s CEO and other members of the Board stepped aside, and Icahn’s consulant, John Visentin, was named as the new CEO.
Sukeno has stated that Fujifilm “will point out through litigation that Xerox has no legal right to unilaterally terminate the deal and that the deal is in the best interests of Xerox shareholders.”
He also said that any new proposals submitted by the Xerox Board would only be considered “when they benefit Fujifilm shareholders.”
“We don’t need to be in a rush to close this deal. We are not bound by time,” he said.
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