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August 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Fujifilm plans lawsuit against Xerox over voided acquisition

The tumult involving the $6.1 billion acquisition of Xerox Corp. by Japan’s Fujifilm Holdings took yet another turn when Fujifilm announced that it planned to sue Xerox over the termination of the deal.

Kenji Sukeno

In an earnings briefing held Friday, Fujifilm President and Chief Operating Officer Kenji Sukeno declared the Norwalk-headquartered Xerox “has no right to scrap the contract unilaterally” and insisted that the agreement between the companies was “legally binding.”

“We are currently in talks with lawyers on the schedule for filing the lawsuit and plan to go to court as soon as possible,” Sukeno stated, although he did not say whether the company would file its lawsuit in the U.S. or Japan.

Sukeno declined to specifically mention Xerox shareholders Carl Icahn and Darwin Deason, who were the primary players in voiding the deal and shaking up the Xerox executive team. However, he made it clear that any further talks between Fujifilm and Xerox would not involve this pair.

“We will only negotiate with Xerox management,” said Sukeno.