The Following Appears On asia.nikkei.com
Japanese tech company’s ignorance of US legal practices may kill takeover
By MASAFUMI UEMATSU – TOKYO — Fujifilm Holdings was left standing at the altar in May, after U.S. office equipment maker Xerox terminated its takeover agreement with the Japanese company.
The trouble began with the Supreme Court of the State of New York, which temporarily suspended the deal in April. A close look at the court’s ruling shows that over-friendly emails between the management of the two companies shifted the case in favor of a group of large shareholders, including activist investor Carl Icahn, opposed to the deal.
Legal experts, too, have faulted Fujifilm for being unprepared for the risks of litigation in the U.S.