1. Fujifilm Wins Appeal in Legal Battle with Xerox Over Aborted $6.1B Deal

    Fujifilm Wins Appeal in Legal Battle with Xerox Over Aborted $6.1B Deal

    Japan's Fujifilm Holdings Corp has won an appeal in its legal battles with Xerox Corp, with a New York court overturning preliminary injunctions requested by an activist investor that had blocked their planned merger. Xerox in May scrapped a $6.1 billion deal with Fujifilm in a settlement with investors Carl Icahn and Darwin Deason that also handed control of the U.S. photocopier giant to new management...

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    1. The board, which engaged outside advisors and discussed the proposed transaction on numerous occasions prior to voting on agreeing to present it to the shareholders, did not engage in a mere post hoc review, nor was the transaction unreasonable on its face.
    2. The latest ruling is a step forward for Fujifilm to make the deal happen.
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