Xerox’s new board will evaluate strategic options, including restructuring or terminating its relationship with Fujifilm.

In efforts aimed at settling a suit brought on by activist shareholders Carl Icahn and Darwin Deason, Xerox Corp stated its CEO and several members of its board will be stepping down.

Icahn and Deason are opposing Fuji’s $6.1 billion takeover of the U.S. company, saying the deal grossly undervalues Xerox.

In a statement, Xerox’s current board stated following feedback from shareholders on the proposed merger with Fuji Xerox, Xerox has demanded that Fujifilm increases the amount in its takeover bid, to which Fujifilm has yet to respond.

Members of Xerox’s new board plan to meet immediately to evaluate its strategic alternatives, which includes terminating or restructuring Xerox’s relationship with Fujifilm.

Fujifilm’s spokesman did not immediately respond to requests for comment.

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Tags: alternatives, board members, Carl Icahn, CEO, chief executive, Darwin Deason, Fuji Xerox, M&A, Mergers & Acquisition, returns, shareholders, takeover, undervalue, Xerox Corp