Headline Rollup for May 8, 2018
Xerox (NYSE: XRX) today announced that it has taken an appeal from the decision enjoining the Fuji Xerox combination. Xerox strongly believes that the decision is contrary to well-established New York law vesting the Board of Directors of Xerox with the business judgment to enter into the transaction agreement with Fujifilm (the “Transaction”) and that the decision to approve should rest with Xerox’s shareholders, not the Court.
The Xerox-Fujifilm saga has taken yet another twist – Xerox’s board remains in place after the settlement agreement expired yesterday, to the fury of dissident shareholders Darwin Deason and Carl Icahn.
Family fights are often the ugliest of all confrontations, and the slugfest between Xerox and Fuji on one side attempting to execute a previously announced complex merger of the two partners, and a shareholder faction led by activist shareholders Carl Icahn and Darwin Deason on the other, erupted into a gloves-off, corporate street brawl of epic proportions – the kind of bout that stops passersby and those salivating for a knockout.
Hewlett-Packard, Inc. (HPQ) shareholders should care that A U.S. judge temporarily blocked the proposed $6.1 billion merger between Xerox Corporation (XRX) and Fujifilm Holdings Corporation (OTCPK:FUJIY).
Konica Minolta Business Solutions Europe has appointed Keiji Okamoto as President of its European business, succeeding Ikuo Nakagawa in the role. As a 30-year Konica Minolta veteran with an outstanding track record in a range of executive positions within the company, Keiji Okamoto takes on the European leadership following a post as Senior Executive Officer for Konica Minolta Japan and three years as President of Konica Minolta Business Solutions China from 2014 onwards. He has extensive experience from across the business with prior roles in strategic planning and operations in both Europe and the USA.
Ricoh Company of Tokyo, Japan, announced results for its fiscal year that ended on March 31, 2018, including an Impairment losses amounting to ¥145.8 billion incurred by its Office Printing segment and Office Service segment.