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Fujifilm sues Xerox for $1B over failed merger

FUJIFILM Holdings Corp. is suing Xerox Corp. for more than $1 billion after the printer and photocopier maker scrapped the two companies' $6.1 billion merger in May, Reuters reported.

In the lawsuit filed in the U.S. District Court for the Southern District of New York, Fujifilm accused Xerox of "intentional and egregious conduct" in cancelling the planned deal and alleged that the company yielded to pressure from activist investors Carl Icahn and Darwin Deason, who opposed the takeover bid.

The Japan-based firm is also seeking payment of a $183 million termination fee, according to the report.

In January, the two companies struck a deal that would combine Xerox into their longstanding joint venture Fuji Xerox and give Fujifilm a 50.1% stake.

Xerox pulled out of the deal last month after reaching a settlement with Icahn and Deason, who had said that the transaction undervalued the company.

As part of the settlement with the activist investors, Xerox CEO Jeff Jacobson was replaced by John Visentin, who worked as a consultant to Icahn Capital.

Fujifilm Chairman and Chief Executive Shigetaka Komori said earlier this month that the company was ready to consider new proposals from Xerox, but it may abandon its takeover bid if there is no progress within six months.