U.S. Court Cancels Halt to Fujifilm's Acquisition of Xerox
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Tokyo, Oct. 17 (Jiji Press)--A New York state appellate court has canceled an order to halt Fujifilm Holdings Corp.'s <4901> acquisition of U.S. printer and copier maker Xerox Corp., Fujifilm officials said Wednesday.
In January, Fujifilm announced an agreement to integrate subsidiary Fuji Xerox Corp. and the U.S. company, planning effectively to acquire the combined company.
But a major shareholder of Xerox filed a lawsuit to block the integration. The request was approved in April by a New York state court.
Fujifilm said in a statement that the appellate court made the right decision, fully backing the validity of its claim and scrapping the order to halt the acquisition deal.
It is still unclear whether Fujifilm will be able to proceed with its acquisition plan, as the management of Xerox is controlled by its major shareholders.
[Copyright The Jiji Press, Ltd.]