Xerox ends Fujifilm deal in win for Carl Icahn

The logo of Xerox company is seen on a building in Minsk Belarus

Xerox said on Sunday that it was calling off its merger deal with Fujifilm of Japan, after reaching a settlement with the shareholder activist Carl Icahn and another major investor who sharply opposed the deal.

Xerox said it was ending the deal with Fuji Xerox partly because Fujifilm had failed to provide audited financial information for Fuji Xerox by an April 15 deadline.

Five brand new board administrators have been appointed, " that the united states printer and photocopier manufacturer said in a statement.

Last week, Icahn and Deason repeated their calls for Xerox to scrap the transaction, fire Jacobson, hire a new CEO, and have the board resign. Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe.

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.

A representative for Fujifilm wasn't immediately available for comment. Xerox also said there were "material deviations" between audited Fuji Xerox financial statements and unaudited statements provided previously. Fujifilm has said it's appealing a U.S. court injunction blocking the takeover.

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"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.

The Board also considered the potential instability and business disruption during a proxy contest.

Icahn said he was happy with the decision.

Fujifilm is disputing Xerox's "unilateral decision". With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox. 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 proposed transaction, including its economic terms, was negotiated at arms' length based on fair valuations and we continue to believe it is the best option created to allow the stockholders of both companies to share the enhanced future value of the combined company with Fujifilm".

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