Fujifilm is still trying to compel the merger with Xerox, but now they are setting a deadline of accomplishing it within 6 months or walking away. On Xerox’s side, Carl Icahn and Darwin Deason are still insisting on $40 a share, which would be a 43% premium over Fujifilm’s initial offer, which Fujifilm considers unreasonable.
As this deal gets examined further public it’s interesting to note that a large portion of Fujifilm’s profits come from their partnership with Xerox, which would be difficult to terminate. Fujifilm builds almost all of Xerox’s technology and it is proprietary so in Fujifilm’s view, it is in both companies best interests to more closely partner to make their arrangement even more profitable.
