Episode 6 – Fujifilm to ask a judge to enforce Fujifilm Xerox merger

217
Carl Icahn
Carl Icahn one of the two activist investors in Xerox who have disrupted the Fujifilm-Xerox merger announced on 31 January 2018

Fujifilm is expected to ask a judge to enforce Xerox’s US$ 6.1 billion merger agreement in the next several days, according to a story in New York’s The Post dated 15 June 2018. An unnamed source told the publication that the move comes despite Carl Icahn’s best efforts to scuttle the deal.

On 31 January 2018, Xerox said it reached a deal to sell 49.9% of the company to FujiFilm for roughly US$ 32 a share — a deal that would net Xerox shareholders of which Icahn and Deason are the largest individual shareholders, a US$ 2.5 billion dividend.

After the deal was announced on 31 January 2018, shareholder activists Icahn and Darwin Deason won control of the Xerox board and have been pushing for a higher offer suggesting that the Xerox is worth US$ 40 a share. However on Friday 15 June 2018, Xerox shares closed at US$ 27.41, down 1.2%.

Xerox, has not yet paid Fujifilm a breakup fee — which would signify that the deal is off. There does not seem to be any talk of Xerox and Fuji reworking the original deal.

Fuji believes little will change until it makes its position known, a source close to the situation reported to The Post. “You won’t have to wait much longer to learn about Fuji’s intentions,” said the source.

This article has been slightly corrected on 19 June 2018 at 958am IST.

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

It is the right time to support our high-impact reporting and authoritative and technical information with some of the best correspondents in the industry. Readers can power Indian Printer and Publisher’s balanced industry journalism and help sustain us by subscribing.

– Naresh Khanna

Subscribe Now

LEAVE A REPLY

Please enter your comment!
Please enter your name here