Xerox Appeals Court Decision Blocking Fujifilm Deal

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By Liana B. Baker and Laharee Chatterjee – (Reuters) – Xerox Corp (XRX.N) on Friday appealed a New York court’s ruling to block its deal with Fujifilm Holdings <4901.T>, saying the decision to approve the deal rests with the companies’ shareholders and not the court.

The move came after Xerox said its board and management team would stay as an agreement it had reached with dissenting shareholders Darwin Deason and Carl Icahn to oust them expired on Thursday.

In its appeal, Xerox disputed the court’s findings that the board breached their fiduciary duties in approving the deal.

The New York Court temporarily blocked the transaction last week, finding Xerox Chief Executive Officer Jeff Jacobson “hopelessly conflicted” and that he sought to conclude the deal even though he was advised to end negotiations.

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