Episode 4 – Xerox board walks away from Fujifilm deal

The Fujifilm-Xerox takeover saga

Keith Cozza

The Fujifilm takeover of Xerox, which was proposed in January 2018, and contested by investors Carl Icahn and Darwin Deason in the courts, is off. Xerox said the deal was being terminated because of Fujifilm’s failure to enter into negotiations on improved terms. The former board of Xerox said in a statement released on 13 May 2018, “Over the past several weeks, the Xerox Board has repeatedly requested that Fujifilm immediately enter into negotiations on improved terms for a proposed transaction. Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe.”

Fujifilm currently owns 75% of Fuji Xerox, a joint venture launched more than 50 years ago. Under the proposed deal announced in January, Fuji Xerox would buy back that stake from Fujifilm for around US$ 6.1 billion and Fujifilm would use those proceeds to buy 50.1% of new Xerox shares.

Former CEO and board member Jeff Jacobsen has resigned and five new board members, nominated by Icahn and Deason, have joined the new board including incoming chairman Keith Cozza and John Visentin as chief executive officer. The two investors, who together control about 13% of Xerox stock, have said they would be willing to consider any offers for the company of US$ 40 a share or more.

In 2024, we are looking at full recovery and growth-led investment in Indian printing

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. It created the category of privately owned B2B print magazines in the country. And by its diversification in packaging, (Packaging South Asia), food processing and packaging (IndiFoodBev) and health and medical supply chain and packaging (HealthTekPak), and its community activities in training, research, and conferences (Ipp Services, Training and Research) the organization continues to create platforms that demonstrate the need for quality information, data, technology insights and events.

India is a large and tough terrain and while its book publishing and commercial printing industry have recovered and are increasingly embracing digital print, the Indian newspaper industry continues to recover its credibility and circulation. The signage industry is also recovering and new technologies and audiences such as digital 3D additive printing, digital textiles, and industrial printing are coming onto our pages. Diversification is a fact of life for our readers and like them, we will also have to adapt with agility to keep up with their business and technical information needs.

India is one of the fastest growing economies in nominal and real terms – in a region poised for the highest change in year to year expenditure in printing equipment and consumables. Our 2024 media kit is ready, and it is the right time to take stock – to emphasize your visibility and relevance to your customers and turn potential markets into conversations.

– Naresh Khanna

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