With the NY Supreme Court judge holding off from taking a decision in this case and with the next hearing yet to be scheduled, Fujifilm Holdings scored a small victory against activist shareholders Carl Icahn and Darwin Deason over their claim that Fujifilm’s $6.1 billion deal with Xerox grossly undervalued the latter.
In a significant development, Xerox Corp stated its current management team and board, including its CEO, will remain following the expiry of a settlement agreement with dissenting shareholders which was aimed at ousting them.
On Tuesday, Xerox had stated most members of its board and its CEO would be stepping down to settle a lawsuit brought on by activist shareholders Carl Icahn and Darwin Deason, which essentially would have handed control over the company’s management to them and would have, most probably undone the controversial deal which Xerox had struck with Fujifilm Holdings.
On Thursday, the New York Supreme Court held a hearing on an objection filed by Fujifilm to the agreement.
The judge has held off taking a decision and the schedule for the next hearing has yet to be decided.
Icahn and Deason’s deal with Xerox would be terminated if the NY Supreme court does not act before 8:00 p.m. ET on May 3, 2018, said Xerox on Tuesday.