Xerox has agreed to a $6.1bn takeover bid from Japan´s Fujifilm, just as fourth-quarter results provided evidence that its transformation strategy was making headway.
The deal with Fujifilm combines US-listed Xerox into the existing joint venture with the Japanese group as part of a strategy to gain scale and reduce costs in a diminishing office printing market.
As part of the deal with Fujifilm, Xerox shareholders will receive a $2.5 billion special cash dividend, or approximately $9.80 per share, and 49.9% of the combined company. Fujifilm will own 50.1%.
“The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders,” said Jacobson.
Fourth-quarter results showed some improvement on the prior year. Total revenue rose 0.5% to $2.7bn.