Sunday, April 29, 2018

Business: Judge "Presses 'STOP'" On Xerox-Fuji Deal

Xerox’s deal to sell a majority of itself to Fujifilm was temporarily blocked by a judge who ruled the transaction was negotiated by a “massively conflicted” chief executive who was looking out for his own interests over Xerox shareholders’.
In an opinion following two days of hearings for a lawsuit brought by one of Xerox’s biggest investors, the judge slammed Xerox CEO Jeff Jacobson and the company’s board for approving the deal, calling their arguments “counter-intuitive and not credible.” He granted motions for a preliminary injunction against the deal, a rarity for mergers and acquisitions.

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