Judge said "Hopeless conflict " outgoing Xerox CEO Jeff Jacobson

The deal between Fujifilm and Xerox has been blocked by a surprise ruling from the Supreme Court of New York. Reuters reported that negotiations had reopened between Xerox and Fujifilm after the court decision. In another surprise Xerox CEO Jeff Jacobson and most of the the board has resigned. The two activist share holders Carl Icahn and Darwin Deason who hold 15% of Xerox have appointed six new board members. 

Xerox future up in the air

 The new Board of Directors plan to evaluate all strategic alternatives. The original 46.1 billion deal would have combined Fuji Xerox operations in Asia with Xerox's Americas and European operation. FujiFilm would have ended up with 51% of the new operation. Fujifilm has said they plan to file an objection in court to the latest developments. Also it has come to light that 25 years ago an agreement was struck that if more than 30% of Xerox was bought by an outsider certain patents would move to FujiFilm. Lot more to come.