Fujifilm Nears Deal With Xerox
31 Januar 2018 - 1:25AM
Dow Jones News
By Dana Mattioli, Dana Cimilluca and David Benoit
Xerox Corp. is nearing a deal with Japan's Fujifilm Holdings
Corp. that would mark the end of the independence of the stalwart
of 20th-century American industry.
The deal would combine Xerox with a joint venture the company
has with Fujifilm, and the U.S. company's shareholders would own
just under half of the resulting entity, according to people
familiar with the matter. As part of the deal, to be announced as
soon as Wednesday, Xerox shareholders would get an implied premium
for their stock and cash, one of the people said.
Xerox shares would continue to trade following the transaction,
should it be completed. As of Tuesday, Xerox had a market value of
$8.3 billion.
The talks could still fall apart or the terms could change.
Earlier this month, The Wall Street Journal reported that
Fujifilm and Xerox were discussing an array of possible
alternatives that may or may not have included a change of control
of Norwalk, Conn.-based Xerox.
The expected deal caps a yearslong decline at Xerox, which has
been beset by a decrease in office printing and copying as more
functions move online -- and more recently by a campaign by
activist shareholders. It would put control of the company in the
hands of a competitor that has successfully diversified away from
printing and copying and another of its signature businesses, film
photography.
By combining, the companies believe they can cut costs to combat
declining demand, a task that could be made easier by the fact that
they already know each other from their longtime joint venture. It
is that venture, Fuji Xerox, that would be combined with Xerox in
the deal.
Write to Dana Mattioli at dana.mattioli@wsj.com, Dana Cimilluca
at dana.cimilluca@wsj.com and David Benoit at
david.benoit@wsj.com
(END) Dow Jones Newswires
January 30, 2018 19:10 ET (00:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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