NEW YORK/SAN FRANCISCO – Xerox Corp. CEO John Visentin blasted his Fujifilm Holdings Corp. counterpart’s efforts to revive merger talks and warned that he doesn’t plan to renew the companies’ Asia joint venture Fuji Xerox in 2021.
Visentin, elevated to CEO after shareholders Carl Icahn and Darwin Deason won a court order blocking the companies’ $6.1 billion merger deal, said in a letter to Fujifilm Chairman Shigetaka Komori on Monday that a lawsuit by Tokyo-based Fujifilm was “nothing more than a desperate, misguided negotiating ploy to save a takeover” that has already been blocked by a judge because of the “surreptitious actions of your team.”
Visentin said Fujifilm’s own accounting problems had made its deal with Xerox impossible to complete.
“You know it, and I know it,” Visentin said. “Your expectation — as expressed to the Japanese media — that Xerox will come to Fujifilm with a new proposal for a combination transaction is simply delusional. It will not happen.”
Fujifilm responded in a statement, accusing Xerox of breaching the merger agreement by ending the deal without a legitimate reason. It dismissed Visentin’s claim that Fujifilm’s accounting problems sunk the deal as “wrong.”Visentin’s letter echoes arguments made by billionaires Icahn and Deason in their fight against the agreement, in which Norwalk, Connecticut-based Xerox would have been acquired through a joint venture that would be controlled by Fujifilm. In court, Deason had argued that former Xerox CEO Jeffery Jacobson acted without authorization to strike the deal to preserve his own job at the expense of shareholder value. read the rest here
Frak, who is going to blink first? Xerox or Fujifilm Xerox states that they will not renew the 50 year relationship with Fuji-Xerox, Fuji Xerox manufacturers most of Xerox's MFPs. Where would Xerox go for MFP's?
When you block a person, they can no longer invite you to a private message or post to your profile wall. Replies and comments they make will be collapsed/hidden by default. Finally, you'll never receive email notifications about content they create or likes they designate for your content.
Note: if you proceed, you will no longer be following .