Morrison & Foerster represented Fujifilm Holdings Corporation and Fuji Xerox, a 75%-25% joint venture between Fujifilm and Xerox Corporation, in connection with Fujifilm’s acquisition of Xerox’s 25% stake in FX for US$2.3 billion. The deal makes Fuji Xerox a wholly owned subsidiary of Fujifilm.
This ends a two-year dispute that pitted the Japanese company against activist investors Carl Icahn and Darwin Deason. With the deal announced in early November, Fujifilm also officially drops its US$6.1bn bid for the US printer and photocopier maker, and its US$1bn lawsuit against Xerox, which it filed last year after Xerox called off their proposed merger.
Fuji Xerox, which was founded in 1962 as a joint venture by the two firms, and operates in the Asia-Pacific market, will continue to supply Xerox after the completion of the transaction.
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