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"Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe.

"The Xerox board believes that the transaction cannot reasonably be expected to be completed under these circumstances, particularly given the court’s injunction of the transaction and the lack of shareholder support for the transaction on current terms, as well as the unresolved accounting issues at Fuji Xerox." The conflict was the latest involving a big company and a high-profile shareholder activist, in this case Icahn, a battle-tested billionaire who has aggressively challenged companies since the 1980s.

Icahn and Deason had in late April won a temporary injunction against the merger after a New York judge agreed the deal prioritised the interests of the Xerox CEO over that of the company’s shareholders.

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