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Fujifilm may abandon Xerox takeover bid amid impasse, CEO says

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Fujifilm may abandon Xerox takeover bid amid impasse, CEO says

FUJIFILM Holdings Corp. could abandon efforts to revive its proposed $6.1 billion acquisition of Xerox Corp. if negotiations fail to make progress within six months, The Japan Times reported.

Shigetaka Komori, Fujifilm chairman and chief executive, said the Japanese firm is "ready to consider any proposal [from Xerox] that is mutually beneficial."

"It cannot be helped if there is no proposal from the new Xerox management within several months or within half a year," Komori was quoted as saying in the report.

The two companies struck a deal in January that would merge Xerox into their longstanding joint venture Fuji Xerox and give Fujifilm a 50.1% stake.

Xerox walked away from the deal in May after reaching a settlement with activist investors Carl Icahn and Darwin Deason, who opposed the takeover.

Komori said Fujifilm will still pursue a lawsuit against Xerox for calling off the deal.