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Fujifilm sues Xerox for $1B over failed takeover bid

By Wire Services
Published: June 18, 2018, 4:24pm

Fujifilm Holdings Corp. accused Xerox Corp. of caving to the whims of Carl Icahn and Darwin Deason in backing out of a $6.1 billion takeover deal.

Fujifilm sued Xerox Monday in Manhattan federal court over the failed takeover, seeking more than $1 billion in damages. Xerox’s board said it was terminating the transaction on May 13, according to the lawsuit.

“This change of heart is undoubtedly due to external pressures,” Fujifilm said in the complaint. “Xerox has recently been subject to the whims of activist investors Carl Icahn and Darwin Deason, who, notwithstanding their minority ownership of Xerox shares, have yanked the Xerox Board in more directions than can be counted.”

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