Commercial Division Enjoins Xerox-Fujifilm Deal Resulting in Resignation of Xerox’s CEO

May 18, 2018

On April 27, 2018, Justice Barry Ostrager of the New York Commercial Division enjoined a no-cash transaction that would have granted Fujifilm (“Fuji”) a 50.1 percent controlling interest in Xerox. Just days after the Court's decision an agreement was reached whereby the CEO of Xerox, Jeff Jacobson, and six other current Xerox board members would step down from their positions, ceding control of the company to representatives of investors Carl Icahn and Darwin Deason. Shortly thereafter, Xerox reversed course, indicating publicly that Jacobson would stay on as CEO. However, ultimately Xerox entered into a settlement agreement with Icahn and Deason resulting in the resignation of Jacobson and the scuttling of the Fuji deal.

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