dearJulius.com Write For Us

NY judge halts Xerox, Fujifilm deal

SHARE:

A New York State Supreme Court judge temporarily blockrf a merger between Fujifilm and Xerox Corp. late Friday. File Photo by Mauritz Anan/EPA

By Sommer Brokaw, UPI

A New York State Supreme Court judge has placed a temporary hold on Xerox Corp.'s planned merger with Fujifilm.

The American global photocopying company had planned to merge with the Japanese photography company in a January deal worth more than $6 billion. Under the deal, Fujifilm would own 50.1 percent of the merged company and Xerox's Chief Executive Officer Jeff Jacobson would lead the merged company. Xerox shareholders would receive a $2.5 million cash dividend, or about $9.80 per share.

However, a judge's order late Friday night temporarily blocks that deal until final ruling in the case.

Billionaires Carl Icahn and Darwin Deason, among Xerox's biggest investors, have worked together to fight the deal, the WSJ reported, with Deason filing the suit to block the deal in February.

"I am grateful the court acted to protect the shareholders of Xerox," Deason said is a Democrat and Chronicle report following the court ruling Friday.

Judge Barry Ostrager explained in a copy of the order for a preliminary injunction obtained by the Democrat and Chronicle that Jacobson was conflicted. The facts "clearly show that Jacobson, having been told on Nov. 10 that the board was actively seeking a new CEO to replace him, was hopelessly conflicted during his negotiations of a strategic acquisition transaction that would result in a combined entity of which he would be CEO," Ostrager said in the order.

Back in February, Xerox company had issued a statement calling Deason's claims meritless.

"Mr. Deason's allegations are without merit and the company will vigorously defend itself," Xerox stated.

COMMENTS



Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...

Name

Alabama,1,Arizona,1,Barack,1,California,3,Colorado,1,Connecticut,1,Crime,531,Florida,1,Franc,1,Hawaii,8,Illinois,1,Los Angeles,2,Massachusetts,3,Mississippi,1,New York,130,U.S.,1558,Washington,4,
ltr
item
U.S. - U.S. Daily News: NY judge halts Xerox, Fujifilm deal
NY judge halts Xerox, Fujifilm deal
https://3.bp.blogspot.com/-gw1VGWxGQvE/WuV1CWZhDsI/AAAAAAAAkNQ/5jwZvEbgGGMGmL1aIYmMQbeI88UgoIIbwCEwYBhgL/s1600/2.jpg
https://3.bp.blogspot.com/-gw1VGWxGQvE/WuV1CWZhDsI/AAAAAAAAkNQ/5jwZvEbgGGMGmL1aIYmMQbeI88UgoIIbwCEwYBhgL/s72-c/2.jpg
U.S. - U.S. Daily News
https://us.dailynews.us.com/2018/04/ny-judge-halts-xerox-fujifilm-deal.html
https://us.dailynews.us.com/
https://us.dailynews.us.com/
https://us.dailynews.us.com/2018/04/ny-judge-halts-xerox-fujifilm-deal.html
true
3263844984480124152
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy