Fujifilm Holdings President Kenji Sukeno told shareholders on Thursday the Japanese company will continue to pursue a merger with Xerox despite the US printer and copier maker’s decision to terminate the deal.
“It is the best option for Fuji Xerox and Xerox. I will continue to seek” the merger, Sukeno told an annual shareholders’ meeting in Tokyo, held at a time when the two companies have diverged over their merger deal announced in January.
Under the deal, Fujifilm would acquire a 50.1% stake in Xerox and merge it with joint venture Fuji Xerox. The Japanese company currently holds a 75% stake in Fuji Xerox, with Xerox owning the rest.
But Xerox shareholders Carl Icahn and Darwin Deason have objected, claiming Xerox has been undervalued. In May, Xerox said it had decided to terminate the merger contract after reaching a settlement with the shareholders.
Full Content: Japan Times
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