Zerox CE John Visentin sharply criticises Fujifilm chair’s ‘desperate negotiating ploy’
John Visentin said in a letter to Shigetaka Komori that a lawsuit by Fujifilm was a ploy to save a takeover that had already been blocked
New York — Xerox CEO John Visentin blasted his Fujifilm counterpart’s efforts to revive merger talks and warned that he did not plan to renew the companies’ Asian joint venture in 2021. Visentin, recently elevated to CEO after shareholders Carl Icahn and Darwin Deason won a court order blocking the companies’ $6.1bn merger deal, said in a letter to Fujifilm chairman Shigetaka Komori on Monday that a lawsuit by Fujifilm was "nothing more than a desperate, misguided negotiating ploy to save a takeover" that had already been blocked by a judge because of the "surreptitious actions of your team". Visentin said Fujifilm’s own accounting problems had made its deal with Xerox impossible to complete. "You know it, and I know it," Visentin said. "Your expectation — as expressed to the Japanese media — that Xerox will come to Fujifilm with a new proposal for a combination transaction is simply delusional. It will not happen." Visentin’s letter echoes arguments made by billionaires Icahn and D...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.