Fujifilm now suing Xerox for over $1 billion

In the ongoing “melodrama” between industry giants Fujifilm and Xerox, Fujifilm Holdings Corporation is suing Xerox Corporation for breach of contract and estimated damages of more than $1 billion after Xerox walked away from a planned merger earlier this year. Though Xerox appeared to reach an agreement with its dissident investors Carl Icahn and Darwin Deason last month to end the deal it had in place with Fujifilm, apparently it’s still fighting with Fujifilm over the merger the pair sought to prevent. Fujifilm’s federal lawsuit, filed in the Southern District of New York, alleges that Xerox unlawfully terminated an agreement to combine with Fuji Xerox, a joint venture between the two companies, due to pressure from Icahn and Deason (who previously claimed that the deal grossly undervalued Xerox). Fujifilm said that by settling with Icahn and Deason, Xerox therefore prevented other shareholders from having input on the deal. read the rest here

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