The two companies had announced earlier this year that Fuji Xerox, their 56-year-old joint venture, would combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox.
Copier company Xerox Corp. has said it was ending an agreement to combine with Japan’s Fujifilm Holdings and is entering a settlement deal with investors Carl Icahn and Darwin Deason. Fujifilm opposed the move.
The two companies had announced earlier this year that Fuji Xerox, their 56-year-old joint venture, would combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox.
The deal was meant to be part of a restructuring that, along with other reforms, would save the companies an estimated $1.7 billion a year by 2022.
But Norwalk, Connecticut-based Xerox said the deal was being terminated because of Fujifilm’s failure to negotiate on improved terms.
« Over the past several weeks, the Xerox Board has repeatedly requested that Fujifilm immediately enter into negotiations on improved terms for a proposed transaction. Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe, » Xerox’s former board said in a statement.
