Tuesday, 14 August, 2018

Xerox aborts £6.1bn Selling to Japan's Fujifilm

Xerox ends Fujifilm deal in win for Carl Icahn Modal Trigger Getty Images for New York Times
Russell Knight | 14 May, 2018, 12:42

U.S. photocopier and printer maker Xerox on Sunday announced it was terminating a merger with Fujifilm and appointing a new chief executive after entering into a settlement with activist shareholders who had contested the takeover.

But Icahn and Deason blasted the deal, saying it significantly undervalued the U.S. company and would be its "death knell".

As previously reported, last year Fujifilm discovered accounting irregularities within two subsidiaries of its joint-venture Fuji Xerox Australia New Zealand operations.

Apart from the change in CEO, Xerox also replaced five directors as part of a board reshuffle. Keith Cozza is expected to be named Chairman of the Board.

The previously announced venture was terminated after Fujifilm failed to deliver the audited financials of Fuji Xerox by April 15, 2018.

"Over the past several weeks, the Xerox Board has repeatedly requested that Fujifilm immediately enter into negotiations on improved terms for a proposed transaction", the firm said.

'Lost' asteroid to pass closely May 15
Space rock " Asteroid 2010 WC9 " will have a near-Earth encounter, about half the lunar distance, on 15 May, media reports said. At 11.05 pm on 15 May, Asteroid 2010 WC9 will make its closest approach only 0.53 lunar distances (126.419 miles) from Earth.

PM Abadi's list leading in Iraqi parliamentary election
Iraqi Prime Minister Haidar al-Abadi's coalition is leading in the country's parliamentary election, a coalition spokesman said. Prime Minister Haider al-Abadi performed poorly across majority Shiite provinces that should have been his base of support.

Mets fall to Phillies, 4-2
The Mets are 3-0 against the Phillies this season, and NY has been dominant in Philadelphia over the last handful of years. Yoenis Cespedes and Adrian Gonzalez each reached base twice and Cespedes also added a home run.

Xerox said it believes that the transaction can not reasonably be expected to be completed under the circumstances, particularly given the court injunction and that shareholders didn't support it on current terms, as well as unresolved accounting issues at Fuji Xerox.

Fujifilm was quick to take a combative stance, saying it disputes Xerox's right to terminate the deal and would look at all options including legal action seeking damages.

Deason said, "Xerox is now positioned to conduct a true, robust strategic alternatives process".

Fuji Xerox, 75 percent owned by Fujifilm, handles contracts that supply global clients with Xerox services in the United States and Europe, and Fuji Xerox services in Asia.

Mr. Icahn, the billionaire hedge fund manager, and Darwin Deason, who became a major Xerox investor after selling his company to it, had argued that the merger agreement undervalued the company. "Icahn and Deason say there are, because they want a higher price, but you don't really know whether that's for real", said Ichiyoshi Asset Management senior executive officer Mitsushige Akino. He had also been a candidate under consideration by the old board to replace Jacobson as recently as previous year, according to court documents. The pair said they would be willing to consider any offers for the company of $40 a share or more. "With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox".

Recommended

AMG GT Roadster range expands with 384kW 'S' AMG GT Roadster range expands with 384kW 'S' The acceleration figure matches the GT S coupe though the top speed is 1 miles per hour lower. Pricing will be announced closer to launch.

Jose Mourinho: 'Difficult to motivate Manchester United players' Jose Mourinho: 'Difficult to motivate Manchester United players' Mourinho insists Carrick will not immediately step into the role but hinted he could make another addition to his coaching team. Faria said: "After a lot of consideration, and with a very heavy heart, I have decided the time is right for me to move on".

Who will emerge victorious in 2018 Karnataka assembly election? No clear victor Who will emerge victorious in 2018 Karnataka assembly election? No clear victor In 2005, former Prime Minister Gowda had expelled Siddaramaiah from JD (S) and it was then that Siddaramaiah joined Congress. Votes will be counted on Monday and exit polls and other surveys have often been wrong in India.

Simpson ties course record, takes 5-shot lead Simpson ties course record, takes 5-shot lead As far as Spieth is concerned, improvement with putter in hand will trigger the kind of spectacular run he is capable of. I think I was ideal inside of 10 to 15 feet today and anywhere inside, which was probably the first time this year.

Nawaz Sharif 'Speaking Modi's Words' On Mumbai Attacks: Top 10 Developments Nawaz Sharif 'Speaking Modi's Words' On Mumbai Attacks: Top 10 Developments Leader of the opposition, Sherry Rehman on Sunday slammed Nawaz Sharif for his recent remarks on the Mumbai attacks . Meanwhile, Sharif's younger brother Shahbaz Sharif said that media misrepresented views of the former prime minister.

'It's incredible' - Guardiola joy as City reach 100 points 'It's incredible' - Guardiola joy as City reach 100 points Because the players can do better, the manager as well, in a group, in a team we can do better". Because always we can not speak with the quality of players there is.

40 dead as squall, storms wreak havoc 40 dead as squall, storms wreak havoc Operations at Delhi's airport were put on hold and at least 70 flights were diverted because of poor visibility and high winds. Around 40 flights were diverted at the IGI Airport and metro services were hit in several parts of Delhi-NCR region.

Everything you need to know about the OnePlus 6 Everything you need to know about the OnePlus 6 The device will feature a 6.28 inch full HD+ AMOLED display with a resolution of 2280 × 1080 pixels and an aspect ratio of 19:9. The prices coincide with earlier rumors that there will be a OnePlus 6 256 GB version, which will carry a price tag of $749.

Post poll honeymoon, petrol prices start soaring Post poll honeymoon, petrol prices start soaring The government had in June 2010 freed petrol prices from its control and the diesel rates were deregulated in October 2014. The revision in petrol and diesel prices comes just two days after voting was held for the Karnataka assembly election .

After 7895 days and 1235 games, Wenger bids farewell to Arsenal After 7895 days and 1235 games, Wenger bids farewell to Arsenal He said: "I see a bright future for my successor because the team has a good attitude and quality". Acknowledgment of Wenger's final - and 1,235th - game in charge took place before kickoff.

Govt will complete full term in Goa: Shah Govt will complete full term in Goa: Shah Bandodkar, the founder of the Maharashtrawadi Gomantak Party (MGP), was the first chief minister of Goa. The video message was played at a BJP workers' meeting that was addressed by party president Amit Shah.

Microsoft and Motorola Set To Launch Foldable Smartphones Microsoft and Motorola Set To Launch Foldable Smartphones The third configuration will be where the screen could be propped up nearly like it had a kickstand, ideal for watching videos. The rumor assumes importance with the approval of a foldable smartphone by WIPO on March 13, 2018.

Late Mercer HBP leads Pirates past Giants for 5th straight win Late Mercer HBP leads Pirates past Giants for 5th straight win The three-run blast was the fifth hit by the Giants this season after the club hit just seven all of a year ago . They have yet to win a single game in Pennsylvania, and they only have one more chance to get a win. "Bad.

PM Modi offers special prayer at Muktinath temple in Nepal PM Modi offers special prayer at Muktinath temple in Nepal The local administration had put in place a special security plan to make Mr. Prime Minister Narendra Modi is now on a two-day visit to Nepal.

Tesla with autopilot slams into truck, apparently without braking before impact Tesla with autopilot slams into truck, apparently without braking before impact California-based Tesla tells drivers its Autopilot requires them to keep their eyes on the road. That feature uses cameras, radar, and computers to maintain speed, changes lanes, and stop.