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MarketScreener Homepage  >  Equities  >  Tokyo  >  FUJIFILM Holdings Corp    4901   JP3814000000

FUJIFILM HOLDINGS CORP (4901)
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FUJIFILM : Lawsuit alleges Xerox CEO disregarded board in pursuing Fuji deal - WSJ

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04/16/2018 | 03:51am CEST
FILE PHOTO - Xerox chief executive officer, Jeff Jacobson, takes part in an interview on the floor of the NYSE in New York

(Reuters) - A lawsuit is alleging that Xerox Corp (>> Xerox Corp) Chief Executive Officer Jeff Jacobson pursued a deal with Fujifilm Holdings Corp (>> FUJIFILM Holdings Corp), even after Xerox's board advised him to halt negotiations, the Wall Street Journal reported on Sunday.

(Reuters) - A lawsuit is alleging that Xerox Corp Chief Executive Officer Jeff Jacobson pursued a deal with Fujifilm Holdings Corp, even after Xerox's board advised him to halt negotiations, the Wall Street Journal reported on Sunday.

Fujifilm and Xerox struck a $6.1 billion (£4.2 billion) deal in January to combine the U.S. company into their existing joint venture, Fuji Xerox, to gain scale and cut costs as demand for office printing equipment declines.

The board advised Jacobson in November to halt negotiations because it was considering firing him, the newspaper reported, citing an amended suit filed in a New York state court on Sunday by Darwin Deason, a Xerox holder who opposes the deal, saying it undervalues the copier and printer company.

The company denied the assertion in a statement on Sunday.

"Xerox CEO Jeff Jacobson was fully authorized to engage in discussions with Fujifilm and Fuji Xerox on the proposed combination," Xerox Chairman Robert Keegan said in the statement.

He added that the lawsuit "distorts many of the facts regarding the proposed combination with Fuji Xerox."

Deason and activist shareholder Carl Icahn, who together hold about 15 percent of Xerox shares, are fighting the combination, which they say "disproportionately" favours Fuji. They are separately looking to shake up the Xerox board.

Deason wants to nominate directors to the Xerox board, despite missing a deadline, arguing in his suit that the current board had made a series of significant decisions and disclosures to stockholders after the nomination deadline.

A representative for Deason was not immediately available for comment outside regular business hours.

(Reporting by Jessica Resnick-Ault in New York; Editing by Peter Cooney)

Stocks mentioned in the article
ChangeLast1st jan.
FUJIFILM HOLDINGS CORP 0.44% 5056 End-of-day quote.7.44%
XEROX CORP -1.72% 28 Delayed Quote.-3.95%
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Financials (JPY)
Sales 2019 2 503 B
EBIT 2019 -
Net income 2019 134 B
Finance 2019 287 B
Yield 2019 1,60%
P/E ratio 2019 15,98
P/E ratio 2020 13,13
EV / Sales 2019 0,92x
EV / Sales 2020 0,83x
Capitalization 2 602 B
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Number of Analysts 12
Average target price 5 201  JPY
Spread / Average Target 2,9%
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Managers
NameTitle
Shigetaka Komori Chairman & Group Chief Executive Officer
Kenji Sukeno President, Group COO & Representative Director
Takashi Iwasaki Director & Chief Technology Officer
Kouichi Tamai Director & Vice President
Kunitaro Kitamura Independent Outside Director
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