Xerox Corp (NYSE:XRX) Investor Lawsuit Against The Acquisition By FUJIFILM Holdings Corporation Filed

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Company Name(s): 
Xerox
Case Name: 
Xerox Deal Case 02/23/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: XRX
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
02/23/2018
Summary: 

An investor, who currently holds shares of Xerox Corp (NYSE:XRX), filed a lawsuit in effort to halt the proposed takeover of Xerox Corp. by FUJIFILM Holdings Corporation.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:XRX stockholders by agreeing to sell Xerox Corp cheaply via an unfair process to FUJIFILM Holdings Corporation .

On January 31, 2018, FUJIFILM Holdings Corporation (“Fujifilm”) (TSE: 4901) and Xerox Corporation (NYSE: XRX) announced that they have entered into an agreement to combine Xerox and their longstanding Fuji Xerox joint venture. Under the terms of the agreement, Xerox shareholders will receive a $2.5 billion special cash dividend, or approximately $9.80 per share, funded from the combined Company's balance sheet, and own 49.9% of the combined company at closing. FUJIFILM will own 50.1% of the combined Company.

However, plaintiff claims that the proposed consideration NYSE:XRX shareholders will receive is grossly inadequate and undervalues Xerox Corp. Indeed, at least one analyst has set the high target price for NYSE:XRX shares at $45.00 per share. In addition, the plaintiff alleges that the process is also unfair Xerox Corp stockholders.