Fujifilm Holdings Corp. accused Xerox Corp. of caving to the whims of Carl Icahn and Darwin Deason in backing out of a $6.1 billion takeover deal as it initiated legal action over the unsuccessful transaction.
Fujifilm sued Xerox on Monday in Manhattan federal court over the failed takeover, seeking more than $1 billion in damages. Xerox walked away from the deal on May 13.
"This change of heart is undoubtedly due to external pressures," Fujifilm said in the complaint. "Xerox has recently been subject to the whims of activist investors Carl Icahn and Darwin Deason, who, notwithstanding their minority ownership of Xerox shares, have yanked the Xerox Board in more directions than can be counted."