Fujifilm sued Xerox on Monday for well over $1 billion plus punitive damages, accusing it of succumbing to pressure from activist investors Carl Icahn and Darwin Deason in abandoning a proposed $6.1 billion merger.
Fujifilm accused Xerox of engaging in "intentional and egregious conduct" in calling off the merger, after the photocopier company reached a settlement with Icahn and Deason that handed control to new management, according to the complaint filed with the U.S. District Court in Manhattan.
Fujifilm is also seeking a declaration that Xerox owes it a $183 million fee for terminating the merger.
Xerox did not immediately respond to requests for comment.
The companies had agreed in January to a complex transaction that would have merged Xerox into the companies' Asia joint venture Fuji Xerox, and given Fujifilm 50.1 percent of Xerox's common stock. read the rest here