COURT RULING
Court win for activist investors as US firm Xerox's merger with Fujifilm blocked
New York/Bengaluru/Tokyo — The Fujifilm Holdings merger with US firm Xerox was temporarily blocked on Friday following a court ruling, handing its activist investors a win after they sued to stop the deal. The ruling reopened nominations to Xerox’s board on Friday after investor Darwin Deason filed a lawsuit against the company in March opposing the deal and asking to add his own nominees to the board. The preliminary injunction came a day after the companies reopened deal talks on their $6.1bn merger. They are discussing a higher price after Xerox, under pressure from top investors, asked to renegotiate the terms. Judge Barry Ostrager of the Supreme Court of the State of New York, County of New York, granted the injunctions, saying Xerox CE Jeff Jacobson sought to conclude the deal despite being advised to end negotiations. "The facts abduced at the evidentiary hearing clearly show that Jacobson, having been told on Nov[ember] 10 that the board was actively seeking a new CEO to rep...
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.