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Xerox scraps merger plan with Fujifilm

Xerox building
The Xerox Tower in downtown Rochester. Photo: James Leynse/Corbis via Getty Images

Xerox Corp. announced Sunday it is dropping a merger deal with Fujifilm Holdings Corp. because it reached a new settlement with two major shareholders, per the WSJ.

The details: Under the settlement, Xerox will reportedly replace its chief executive and overhaul the board. The company had previously made a deal with two billionaires to dismiss Chief Executive Jeff Jacobson and change the board, but the agreement ended that month, per the WSJ.