May 18, 2018 01:08 PM IST | Legal

Fujifilm says to sue Xerox soon to seek damages on scrapping of takeover

In January, Xerox and Fujifilm had agreed to a complex deal to merge Xerox into their 56-year-old Asia joint venture Fuji Xerox and give Fujifilm control.

Fujifilm Holdings Corp is planning to sue Xerox Corp soon to seek damages from the US photocopier company for unilaterally scrapping their $6.1 billion takeover deal, a senior Fujifilm executive said on Friday.

"We plan to file a damages lawsuit as soon as possible," Kenji Sukeno, chief operating officer, said at an earnings briefing.

In January, Xerox and Fujifilm had agreed to a complex deal to merge Xerox into their 56-year-old Asia joint venture Fuji Xerox and give Fujifilm control.

Xerox scrapped the deal this week in a settlement with activist investors Carl Icahn and Darwin Deason, who opposed the takeover by Fujifilm saying it undervalued the US company.

Published Date: May 18th, 2018 01:08 PM | Updated Date: May 18, 2018 01:08 PM IST