Fresh twist in Xerox-Fujifilm feud: management gets to stay
An agreement Xerox had with Darwin Deason and Carl Icahn about the takeover by Fujifilm expired over last-minute issues in negotiations, that included a judge
Bengaluru/Tokyo/New York — Xerox has said its board and management team will stay after an agreement it had reached with dissenting shareholders to oust them expired, adding another twist to a lengthy dispute over Fujifilm taking control of the US company. The activists, Darwin Deason and Carl Icahn, confirmed that the agreement had expired, blamed Xerox for letting it dissolve, and said they would continue to fight the company. The agreement appeared to expire over last-minute issues that arose in negotiations between the activists, Xerox and the judge, before the court could act on the settlement to put it into effect ahead of the self-imposed deadline on Thursday evening. Xerox said that the agreement expired because of the "absence of stipulations" related to ending its litigation with the activists. The activists, which own about 15% of the company, said Xerox did not permit the settlement to take effect "unless they obtained additional unprecedented protections from the court"...
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