- Nineteen prisoners use cutlery to break out of cells at Winchester prison
- France wants progress in Ukraine before Russia returns to G7
- Italy president begins talks to seek way out of government crisis
- Italian PM expected to resign as political chaos deepens
- Russia says US cruise missile test ‘regrettable’
- Kremlin - No date set for Normandy talks on Ukraine despite Macron meeting
- Egypt court hands out 6 death sentences on terror charges
- Putin says Russian nuclear explosion poses no threat
- Russian panel eyes alleged foreign interference in protests
- Gran Canaria wildfire triggers evacuation of thousands of people
- PM Johnson calls on Germany and France to compromise on Brexit
- Sudan's ex-president Bashir arrives at corruption trial
TEHRAN, April 28 - Fujifilm Holdings Corp’s (4901.T) merger with U.S. firm Xerox Corp (XRX.N) was temporarily blocked on Friday following a court ruling, handing its activist investors a win after they sued to stop the deal.
TEHRAN, Young Journalists Club (YJC) –Fujifilm Holdings Corp’s (4901.T) merger with U.S. firm Xerox Corp (XRX.N) was temporarily blocked on Friday following a court ruling, handing its activist investors a win after they sued to stop the deal.
The ruling reopened nominations to Xerox’s board on Friday after investor Darwin Deason filed a lawsuit against the company last month opposing the deal and asking to add his own nominees to the board.
The preliminary injunction came a day after the companies reopened deal talks on their $6.1-billion merger. They are discussing a higher price after Xerox, under pressure from top investors, asked to renegotiate the terms, Reuters had reported earlier.
Judge Barry Ostrager of the Supreme Court of the State of New York, County of New York, granted the injunctions, saying Xerox Chief Executive Officer Jeff Jacobson sought to conclude the deal even though he was advised to end negotiations.
“The facts abduced at the evidentiary hearing clearly show that Jacobson, having been told on Nov. 10 that the Board was actively seeking a new CEO to replace him, was hopelessly conflicted during his negotiation of a strategic acquisition transaction that would result in a combined entity of which he would be CEO,” the ruling said.
The proposed merger is opposed by Deason and Carl Icahn, two of Xerox’s top shareholders, who have said the agreement dramatically undervalues Xerox.
Fujifilm said it would consider all options, including whether to appeal against the decision.
Source: Reuters
Your Comment