Xerox, Fujifilm reopen deal discussions - sources

Xerox, Fujifilm reopen deal discussions - sources

By Liana B. Baker

NEW YORK (Reuters) - Xerox Corp Chairman Robert Keegan told a New York state court on Thursday that Xerox and Fujifilm Holdings Corp <4901.T> have reopened talks about their $6.1 billion agreement for the Japanese company to acquire the U.S. print and copy machine maker, according to sources inside the courtroom.

The sources declined to be named because they were not authorized to talk to the media.

Xerox and Fujifilm are discussing increasing the financial consideration for Xerox shareholders, according to a separate source close to the situation.

Xerox declined to comment. A spokeswoman for Fujifilm confirmed the company had received a request for a renegotiation from Xerox.

Keegan was speaking as part of a court hearing connected to Xerox shareholder Darwin Deason's lawsuit, filed in March, to block Xerox's deal with Fujifilm and also nominate directors to Xerox's board.

Under the agreement announced in late January, Fujifilm would take over Xerox and combine the U.S. company into their existing joint venture to gain scale and cut costs as demand for office printing declines.

The deal is opposed by top Xerox shareholders Deason and activist investor Carl Icahn, who say that it unfairly favours Fujifilm.

In Deason's lawsuit, he argues that he has the right to nominate directors to Xerox's board despite missing a deadline because the current board had made significant decisions and disclosures to stockholders after the deadline for nominations.

Deason could not be reached for comment on Thursday.

Icahn also tweeted on Thursday in support of Deason's plan for Xerox to pursue alternatives to its deal with Fujifilm.

The hearing will resume on Friday in New York.

(Reporting by Liana B. Baker in New York; Editing by Richard Chang)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 27, 2018 05:05 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See