Nov 5, 2019

Xerox and Fujifilm end 57-year partnership

Illustration: Sarah Grillo/Axios

Xerox agreed to sell its 25% stake in a joint venture with Fujifilm to its Japanese partner for $2.3 billion.

Why it matters: This ends a 57-year partnership between the two companies, and comes after the pair's proposed merger was scuttled by activist investors Carl Icahn and Darwin Deason.

  • As part of the deal, Fujifilm will drop its lawsuit against Xerox over the failed merger.

The bottom line: "Some analysts and investors expected that pressure from the lawsuit could eventually bring Xerox back to the negotiating table. But the two sides publicly disagreed about how much Xerox was worth, with Icahn and Deason arguing a deal would need to value Xerox at $40 a share or more in cash. Xerox shares closed Monday at $34.67." — Cara Lombardo, WSJ

Go deeper

Xerox deliberates HP takeover

Photo: James Leynse/Corbis/Getty Images

Xerox Holdings Corp. is considering a cash-and-stock offer to acquire personal computer and printer maker HP Inc., a deal that would restructure two giants as demand for printed documents declines, reports the Wall Street Journal.

Why it matters: HP and Xerox are in "cost-cutting mode, and a union could afford new opportunities to shed expenses," notes the Wall Street Journal. It's still not clear if the deal will go through, considering HP is three times the size of Xerox and hired a new chief executive last week, per the Journal.

HP rejects Xerox takeover offer

Photo: Justin Sullivan/Getty Images

HP said on Sunday that its board has unanimously rejected a $33 billion takeover offer from Xerox, believing the bid undervalued HP and included too much uncertainty and debt.

The bottom line: Both companies have been shrinking, with HP in the midst of large layoffs and Xerox seeing its revenue decrease nearly 10% year-over-year.

Keep ReadingArrowNov 17, 2019

Pre-Thanksgiving Merger Monday sees over $60 billion in announced deals

Illustration: Sarah Grillo/Axios

It's been a while since we've had a full-fledged Merger Monday, but today we've seen over $60 billion in announced deals.

Why it matters: This isn't about a macro economic shift. It's about bankers and boards wanting to enjoy their Thanksgiving breaks, without constant cell phone pings.

Go deeperArrowNov 25, 2019