In January 2018 Fujifilm and Xerox agreed on a $6.1 billion joint venture deal-- a deal that is now no more, following a Xerox settlement with activist investors Carl Icahn and Darwin Deason.
The deal was to combine Xerox with the longstanding Fuji Xerox joint venture, creating a combined print technologies and intelligent work solutions company. The new company was to be controlled by Fujifilm, something that left Icahn and Deason (who own 15% of Xerox) unhappy, leading to legal action.
The Xerox announcement of the termination cites other reasons, including “the failure by Fujifilm to deliver the audited financials of Fuji Xerox by April 15, 2018 and the material deviations reflected in the audited financials of Fuji Xerox, when delivered, from the unaudited financial statements of Fuji Xerox and its subsidiaries provided to Xerox prior to the date of the Subscription Agreement and taking into account other circumstances limiting the ability of the Company, Fujifilm and Fuji Xerox to consummate a transaction.
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