Xerox ends Fujifilm merger and parts ways with CEO — again — in battle with Carl Icahn
San Francisco — US photocopier and printer maker Xerox is terminating its merger with Fujifilm and appointing a new CEO, after settling with activist shareholders Carl Icahn and Darwin Deason, who opposed the takeover. In a statement on its website, Xerox cited "material deviations" in the audited financials of an existing joint venture known as Fuji Xerox that is controlled by Fujifilm. The move follows a lawsuit by powerful Icahn and Deason, who together owned more than 15% of the group and had vigorously opposed the merger announced in January. Xerox said Jeff Jacobson had resigned from his role as the company’s CEO, as had five board members, who were replaced by five new members. In Tokyo, Fujifilm disputed Xerox’s "unilateral decision". "We do not believe that Xerox has a legal right to terminate our agreement and we are reviewing all of our available options, including bringing a legal action seeking damages," the Japanese firm said in a statement. The company called on the X...
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