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The Wall Street Journal: Xerox drops Fujifilm merger, strikes deal with activists that ousts CEO

Xerox Corp. said it'll again out of its merger handle Fujifilm Holdings Corp. because it reached a new settlement with two of its greatest shareholders, the latest twist in a monthslong tug of struggle over the way forward for the enduring American corporate.

Xerox XRX, +2.86%   said it reached a settlement to switch its leader govt and overhaul its board after it ended a plan to mix with its three way partnership with Fujifilm FUJIY, +1.04%  . This is Xerox’s second settlement with activist shareholders Carl Icahn and Darwin Deason; the corporate had previous struck a handle the two billionaires to oust Chief Executive Jeff Jacobson and flip the board, but that agreement swiftly expired previous this month before receiving courtroom approval.

If it remains in position, the new deal marks a win for Icahn and Deason, who agreed to table their proxy struggle after several months of drama. They hostile the plan to mix with the three way partnership Fuji Xerox, arguing it undervalued Xerox, and had planned to run their own slate of administrators for Xerox’s board.

Now, the new Xerox board will straight away start analyzing strategic possible choices.

As part of the settlement, John Visentin will exchange Jacobson as leader govt, the corporate said Sunday. Visentin is a former govt at several generation companies and had been operating with the activist buyers at Xerox.

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