Xerox terminated agreement to merge with Fujifilm, CEO resigns

Xerox company is seen on a building in Minsk Belarus

Technology company Xerox has ended its contentious sale to Japan's Fujifilm later attaining a bargain with activist investors Carl Icahn and also Darwin Deason.

The previously announced venture was terminated after Fujifilm failed to deliver the audited financials of Fuji Xerox by April 15, 2018.

Under the agreement announced Sunday, Jacobson and five other directors have already stepped down, with the activist shareholders' picks replacing them, Xerox said.

Chief Executive Jeff Jacobson also resigned from his role and from the board. Keith Cozza is expected to be named Chairman of the Board. The company said earlier this month that the CEO and board changes were planned.

Under the plan that Xerox and Fujifilm announced in January, the USA company's operations would be merged with those of Fuji Xerox, a joint venture between the two firms.

Manchester United boss Jose Mourinho reveals Michael Carrick regret, promises staff changes
Rashford delivered a dangerous-looking ball into the box but Daryl Janmaat cleared over his own bar and Marcos Rojo volleyed wide. Michael Carrick was handed a start in his final game for the Red Devils, while Paul Pogba and Ander Herrera dropped to the bench.

As part of the settlement, Xerox and Icahn agreed to withdraw their board candidates from the upcoming shareholder meeting, and said the meeting would be postponed. In a lawsuit aimed at stopping the merger, Mr. Deason accused Mr. Jacobson of striking the deal to keep a job at the combined company. The pair said they would be willing to consider any offers for the company of $40 a share or more.

Fuji Xerox, 75 percent owned by Fujifilm, handles contracts that supply global clients with Xerox services in the United States and Europe, and Fuji Xerox services in Asia. The first settlement agreement was allowed to expire as Xerox came to believe it had flexibility to renegotiate a deal with Fujifilm and also took into account a stock dive that followed the agreement. Fujifilm has said it's appealing a United States court injunction blocking the takeover.

Xerox said its new board would meet immediately and "begin a process to evaluate all strategic alternatives to maximize shareholder value".

"The transaction can not reasonably be expected to be completed under these circumstances, particularly given the court's injunction of the transaction and the lack of shareholder support for the transaction on current terms, as well as the unresolved accounting issues at Fuji Xerox", the company asserts in a statement.

"We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm", he said. He had also been a candidate under consideration by the old board to replace Jacobson as recently as previous year, according to court documents.

Related News:



Most liked

IPL 2018: MI vs RR Preview
Mumbai Indians , on a roll lately, are back on their home turf to face Rajasthan Royals on Sunday evening. He had two fruitful partnerships with Ajinkya Rahane (37 off 36) and Sanju Samson (26 off 14).

Andre 3000 Just Surprise Dropped Two New Solo Tracks
The first track was written before his parents passed away, although it was recorded in 2015, after their passing. While "Me&My" features vocals from André, the other is an instrumental jazz collaboration with James Blake .

Simon Yates climbs to stage nine victory
Yates has held the race leader's pink jersey since stage six, when he finished second behind Chaves on the slopes of Mount Etna. BC-CYC-Giro d'Italia, 149 Yates wins 9th stage to cement Giro lead, Froome loses timeEds: APNewsNow.

India responsible for slow pace of 26/11 trial: Pak ex-minister
Sharif, who has been disqualified to hold public office for life by the Supreme Court in the Panama Papers case, said Pakistan has isolated itself.

23 killed after heavy rain, dust storms lash parts of India
Delhiites woke up to a sunny morning with the mercury touching 40 degrees during the day but the sky turned cloudy around 4:30 pm. A person in Howrah district suffered serious injuries and was undergoing treatment at a local hospital, the official said.

Neymar Voted Player Of Season In France
And the Ligue 1 champions have identified the Red Devils star as a ideal replacement for current world record player. The Spanish media are against French clubs and they've been talking about things since October.

Mets' deGrom returns to face Phillies
Manager Mickey Callaway is still playing him everyday but after 27 games, he is only hitting.191 with 31 strikeouts in 89 at-bats. New York's pitching staff allowed 4.6 runs per game and its starting pitchers own a 4.44 ERA, 1.32 WHIP and 9.40 K/9.

Philippines chief justice, Duterte's critic, expelled by Supreme Court colleagues
She said she wants to talk to common people, including the youth, about injustice and the urgency of fighting for what is right. With "a lapdog Congress and a seriously wounded Senate, we now have a puppet Supreme Court", noted the statement .

Fuel prices revised; petrol, diesel to cost more
On the other hand, diesel was retailing at Rs 68.68 in Kolkata; Rs 70,43 in Mumbai; Rs 69.79 in Chennai and Rs 67.27 in Bengaluru. Last June, Indian oil companies had moved from a "once-in-a-fortnight" change of petrol and diesel prices to daily revisions.

Israel prepares for inauguration of new USA embassy in Jerusalem
On Monday, the U.S. will officially open its embassy in Jerusalem in a move that is expected to spark protests across the region. Marchers have thrown stones and burned tires at the fence and flown flaming kites over it to try to set Israeli fields on fire.

'Gotham' renewed at FOX for fifth and final season
Fox has renewed Batman prequel drama Gotham for a fifth and likely abbreviated final season. Well, fortunately, the series has managed to secure a fifth season pick-up.

OnePlus 6 Price and Specification Leak by Amazon: Priced at £459 / 519Euros
There's the third variant that OnePlus CEO and co-founder Pete Lau had confirmed for the OnePlus 6 with 8GB RAM and 256GB storage. Apart from renders, Amazon Germany has also given away crucial information including the price of the smartphone.

MI softball opens 23rd straight NCAA Tournament appearance vs. Notre Dame
Minnesota (Washington regional), Michigan (Kentucky) and Ohio State (Florida) are seeded second in their respective regionals. Those best-of-three tourneys will each send a team to the Women's College World Series in Oklahoma City, Oklahoma.

Give Goa a chief minister, Congress tells BJP President Amit Shah
Shah said that BJP's soul lies in its booth workers who are the focus point of the party. Any party or alliance will need the support of 112 MLAs to form the new government.

Inside the room: White House flare-up over McCain leak
John Kennedy, R-La., said he still takes McCain's point of view into account in this kind of debate. She told senators that she doesn't believe torture works as an interrogation technique.