In a statement on its website, Xerox cited "material deviations" in the audited financials of an existing joint venture known as Fuji Xerox that is controlled by Fujifilm. The move follows a lawsuit by powerful shareholders Carl Icahn and Darwin Deason who have vigorously opposed the merger, which had been announced in January. Xerox added that Jeff Jacobson had resigned from his role as the company's CEO, along with five board members who were replaced by five new members. Icahn said: "We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm. Icahn and Deason had in late April won a temporary injunction against the merger after a New York judge agreed the deal prioritized the interests of the Xerox CEO over that of the company's shareholders.

Source: The Nation Bangkok May 13, 2018 23:15 UTC