Xerox has stopped its controversial sale to Fujifilm dead in its tracks after reaching a deal with activist investors Carl Icahn and Darwin Deason who together own 15 per cent of Xerox. The pair opposed the $6.1bn (£4.5bn) deal, saying it undervalued the firm.
The proposed deal saw months of internal politicking at Xerox, including a boardroom reshuffle in favour of the activists and the ousting of the company's boss. Deason even went so far as to filing a lawsuit that claimed CEO Jeff Jacobson ignored the advice of his board and pursued the deal.
Fujifilm has spoken out against the 'unilateral decision' to stop the deal, saying: "We do not believe that Xerox has a legal right to terminate our agreement."