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August 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Fujifilm CEO gives Xerox six months to return to canceled acquisition deal

The Xerox-Fujifilm Holdings saga took yet another turn as Shigetaka Komori, Fujifilm’s CEO, gave the Norwalk-headquartered company six months to mend the canceled $6.1 billion acquisition deal.

Shigetaka Komori

Speaking at a press conference in Tokyo, Komori stated that his company was “fine without a merger,” but he added that it was “time for our two companies to come together to lower costs, in this game of survival.” But Komori stated that he was willing to wait until the end of the year before admitting the terminated deal could not be revived.

“I’m not going to wait forever,” he said. “I don’t have a specific deadline in mind, but it should normally be around six months. If we have nothing by then, it can’t be helped.”

Komori insisted that the original acquisition deal, which was terminated by Xerox following protests by shareholders Carl Icahn and Darwin Deason, is the best viable solution for the two companies.

“When I thought of the best way to maximize the corporate value of Xerox, the takeover was the only choice,” said Komori. “I still think this plan is the one and only way.”

Although Komori did not specifically mention Icahn and Deason by name, he alluded to their combined 15 percent ownership of Xerox shares in claiming the majority of Xerox shareholders have not weighed in Fujifilm’s willingness to proceed with the transaction. “The current shareholders will be able to enjoy a share price reflecting the synergy of the merger,” he said. “It is up to the other 85 percent of shareholders to decide.”