Kekst & Co. is working with Japan’s FujiFilm, which today threatened to compete with Xerox if it decides not to renew its 56-year technology partnership that expires in 2021.
Chairman Shigetaka Komori wrote in a letter to Xerox CEO John Visentin that FujiFilm is ready to compete with Xerox in Asia Pacific and enter the US and European markets.
He believes Xerox’s reason for cutting ties with FujiFilm is “merely a thinly veiled pretext to bargain for a higher price.”
For its part, Xerox calls FujiFilm’s suit filed against it last week “nothing more than a desperate and misguided negotiating ploy to save their takeover attempt,” which has been enjoined by the New York Supreme Court.
FujiFilm had a $6.1B deal to acquire Xerox, but the transaction was torpedoed in May by activist investor Carl Icahn.
The scrapped acquisition led to the resignation of Xerox CEO Jeff Jacobson and five board members.
Kekst’s Ruth Pachman and Kimberly Kriger represent FujiFilm.