Fujifilm Sues Xerox for Damages over Canceled Deal

June 19, 2018

New York- Fujifilm Holdings Corp.  sued Xerox Corp. on Monday, demanding some one billion dollars in damages over the U.S. printer and copier maker's unilateral cancellation of a deal on its sale to the Japanese company.

The deal was reached between the two partners in January, but Xerox walked away from it last month, due to strong opposition from major shareholders including activist investor Carl Icahn.

The deal called for Xerox to be sold to Fujifilm for 671 billion yen, which Icahn and others rejected as underestimating the U.S. firm's value.

In its legal complaint filed with a federal court in New York, Fujifilm condemned Xerox's cancellation of the deal as a result of being succumbed to external pressure from those who groundlessly demanded a more favorable deal.

Fujifilm claimed for the damages calculated as profits that it would have gained through the acquisition of Xerox. Jiji Press