The Wall Street Journal has reported that a judge has temporarily blocked a merger between Xerox and Fujifilm.
According to the Wall Street Journal, the judge ruled the transaction was negotiated by a “massively conflicted” chief executive who was looking out for his own interests over Xerox shareholders.
The Wall Street Journal reported in January that Fuji and Xerox were working on a deal that could mean a “change of control” for Xerox.
Following the report, some of the company’s top shareholders Darwin Deason and Carl Icahn called for Xerox to bring in independent advisors to look at a current partnership between Xerox and Fuji to determine if that should be terminated.
At the end of January, Xerox announced it would move staff out of its tower in downtown Rochester and send them to the Webster campus.