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“All Xerox shareholders ought to be able to decide for themselves the operational, financial, and strategic merits of the transaction to combine Fuji Xerox and Xerox," Fujifilm said after the ruling.
Xerox shareholder counsel Richard Marooney argued that lifting an injunction blocking the companies' merger would enable Fujifilm Holdings to pursue the terminated transaction.
Jeff Jacobson will serve as CEO of Fuji Xerox and Fujifilm Chairman and CEO Shigetaka Komori will serve as chairman of the board of directors.
The Wall Street Journal, citing unnamed sources, said Icahn has specifically called on Xerox to fire its CEO Jeff Jacobson.
“Revenue decline improved sequentially, which we expect to carry through the rest of the year,” CEO Jeff Jacobson said.
Its Global Imaging Systems business unit will continue to acquire independent, multi-branded resellers and turn them into “mono-branded” resellers.