Xerox announced Sunday, May 13, it was ending its pursuit of a merger with FujiFilm Holdings and had instead reached an agreement with its top shareholders to replace its CEO and board of directors.
The decision mirrors one which the company announced two weeks ago, only to reverse course on days later. Beyond the termination, the company announced Sunday it had reached a new settlement agreement with top Xerox shareholders Carl Icahn and Darwin Deason, who strongly opposed the Fujifilm merger, which would have given the Japanese technology company majority control of Xerox.
Xerox had been battling activist shareholder Carl Icahn and investor Darwin Deason over the company’s plan to sell itself to Fujifilm in a deal the two say dramatically undervalues the photocopying firm.
Full Content: Reuters
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