Xerox Terminates Fujifilm Merger and Strikes Deal with Activists Investors

Mukesh Buch
14 May, 2018
New York City

Cambium Learning fell on weak results. Nine Energy said net swung to profit after revenues surged 13%. OptiNose net loss widened. Xerox said it terminated planned $6.1 billion merger deal with Japan-based Fujifilm Holdings.

[R]12:15 PM New York City, New York – Cambium Learning fell on weak results. Nine Energy said net swung to profit after revenues surged 13%. OptiNose net loss widened. Xerox said it terminated planned $6.1 billion merger deal with Japan-based Fujifilm Holdings.[/R]

Tollbooth Index edged up 1.44 to 15,353.94 but for the year-to-date jumped 11.5%.

Earnings Review

Cambium Learning Group Inc ((ABCD)) slumped 2.8% or 28 cents to $9.92 after the educational solution provider said revenues in the first-quarter ending in March rose 0.6% from a year ago to $36.6 million.

Net loss in the quarter edged up 0.1% to $2.6 million from $2.5 million and diluted earnings per share were flat at 5 cents in the same quarter last year.

Nine Energy Service Inc ((NINE)) increased 1.9% or 58 cents to $31.56 after the oil and gas services provider reported revenues in the first-quarter ending in March soared 12.6% from a year ago to $173.8 million.

Net in the quarter swung to profit $1.7 million or 8 cents per diluted share from a loss of $29.8 million or $1.89 in the same quarter last year.

OptiNose Inc ((OPTN)) jumped 6.2% or $1.41 to $24.10 after the specialty drug maker said revenues in the first-quarter ending in March were $0.9 million.

Net loss in the quarter widened to $30.6 million or 81 cents per diluted share from $11.7 million or $2.87 in the same quarter last year.

Xerox Corporation tumbled 8.2% or $2.47 to $27.70 after the printer and copier maker terminated its planned $6.1 billion merger deal with Japan-based Fujifilm Holdings Corporation and in a second settlement with activist investors Carl Icahn and Darwin Deason and will replace current chief executive and overhaul board.

Earlier this year, Fujifilm said it plans to acquire Xerox in a $6.1 billion deal to combine with Fuji Xerox.