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Olive Branch High School Graduation

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Xerox Drops Fujifilm Merger Plan, Strikes a Deal With Activists

Xerox Corp. said it will back out of its merger deal with Fujifilm Holdings Corp. as it reached a new settlement with two of its biggest shareholders, the latest twist in a monthslong tug of war over the future of the iconic American company.

The printer and copier company said it reached a settlement to replace its chief executive and overhaul its board after it ended a plan to combine with its joint venture with Fujifilm. This is Xerox’s second settlement with activist shareholders Carl Icahn and Darwin Deason; the company had earlier struck a deal with the two billionaires to oust Chief Executive Jeff Jacobson and flip the board, but that agreement abruptly expired earlier this month before receiving court approval.

The new settlement marks a win for Messrs. Icahn and Deason, who agreed to table their proxy fight after several months of drama. They opposed the plan to combine with the joint venture Fuji Xerox, arguing it undervalued Xerox, and had planned to run their own slate of directors for Xerox’s board.

Xerox appointed five new members to the board and five existing members resigned, in addition to Mr. Jacobson. One of the new members, Icahn Enterprises CEO Keith Cozza, is expected to be chairman.

Now the new Xerox board, the majority of which is made up of directors backed by the activists, will immediately begin examining strategic alternatives. Messrs. Icahn and Deason have said Xerox could be sold to a competitor or private-equity firm.

As part of the settlement, John Visentin will replace Mr. Jacobson as chief executive, the company said Sunday. Mr. Visentin is a former executive at several technology companies and had been working with the activist investors at Xerox.

Xerox said it opted to back out of the deal with Fujifilm because the Japanese company didn’t deliver Fuji Xerox’s audited financial statements by April 15, and there were material deviations in the audited financials when compared with the unaudited financials.

Fujifilm didn’t immediately respond to a request for comment.

Xerox in January struck the complex merger deal with Fujifilm, which would have traded Xerox’s 25% ownership of their 60-year joint venture to Fujifilm for 49.9% of a new company that combines all of Xerox with the joint venture. Xerox shareholders would also have been paid $2.5 billion in aggregate via a special dividend.

Messrs. Icahn and Deason have been seeking to kill the merger, and Mr. Deason had filed a lawsuit against it, alleging Mr. Jacobson raced to seal the deal to protect his own job. Documents and communications disclosed in the suit showed the Xerox board in November had nearly replaced Mr. Jacobson with Mr. Visentin, and that it had told Mr. Jacobson to halt negotiations with Fujifilm. Instead, Mr. Jacobson struck the deal.

Xerox had said it chose to keep Mr. Jacobson after performance improved, that Chairman Robert Keegan had agreed he could keep negotiating, and that the whole board backed the deal.

In late April, a judge temporarily blocked the deal, saying the transaction was negotiated by a “massively conflicted” Mr. Jacobson and that he was looking out for his own interests over those of Xerox shareholders.

After the judge blocked the deal, Xerox reached its first settlement with the activists, but it expired after 48 hours.

Mr. Deason will drop the portions of the lawsuit against Xerox and its directors as part of the latest settlement, Xerox said, but he will continue pursuing claims against Fujifilm that it aided and abetted breaches of fiduciary duty by Xerox directors.

Write to Cara Lombardo at cara.lombardo@wsj.com

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Miguel Cabrera hurt bicep while swinging, says he feels better after treatment

Miguel Cabrera stands on the field during a game against the Baltimore Orioles, Friday, April 27, 2018, in Baltimore. (AP Photo/Patrick Semansky)

BALTIMORE — Detroit Tigers first baseman Miguel Cabrera said he felt a twinge in his left bicep while swinging the bat on Sunday, but he feels "much better" after post-game treatment.

Cabrera said he would be reevaluated on Monday in Detroit when the Tigers return home for a three-game series against the Tampa Bay Rays.

Cabrera left Sunday’s game in the fifth inning and was replaced by Niko Goodrum.

Goodrum would likely play first base if Cabrera were forced to miss more time. Tigers backup catcher John Hicks can also play first base, although manager Ron Gardenhire doesn’t have a third catcher and doesn’t like to play Hicks and starter James McCann at the same time.

Gardenhire said the sudden drop in temperature in Baltimore on Sunday could have exacerbated the injury. Temperatures are expected to be in the 70s this week in Detroit.

Tigers’ Daniel Norris putting season on hold to fix velo drop, lingering groin issue Daniel Norris throws against the Kansas City Royals in the first inning of a game in Detroit, Friday, April 20, 2018. (AP Photo/Paul Sancya)

BALTIMORE — Daniel Norris and the Detroit Tigers are putting his 2018 season on pause to try to fix his lingering groin issue and determine if that’s the cause of his dramatic drop in velocity.

Norris left Sunday’s game in the third inning on the insistence of manager Ron Gardenhire and head athletic trainer Doug Teter.

Although the Tigers have not yet announced the move, all indications are that Norris will be placed on the 10-day disabled list. The Toledo Blade reported Sunday that left-handed pitcher Chad Bell was being recalled from Triple-A Toledo.

"It’s pretty obvious. I don’t go from throwing 94 to 87 for no reason, so we’re going to try to figure that out and be better for it in the long run," Norris said after the game.

Norris was plagued by groin issues last summer, but believed this spring that he’d put the problems behind him.

However his velocity was lower than normal in spring training and it’s only gotten worse through the first month of the regular season. Some of his fastballs on Sunday registered as low as 85 and 86 mph.

Even so, Norris wanted to stay in the game.

"I basically said, ‘Hey, it’s not hurting that bad. I want to keep throwing.’ (Gardenhire) said, ‘No, it looks like it’s hurting you pretty bad, so we’re going to get you out of there,’" Norris remembered.

"I know they have my best interests at heart. But it’s weird when you’re between the lines. You don’t realize that stuff. You just want to keep competing. That was my mindset there. But obviously looking back, I know that was the right decision."

Gardenhire offered no apologies.

"I told him, ‘I’m not going to let you hurt your arm. Get off the mound and let’s try something else,’" Gardenhire said. "It’s on my watch as a manager — not just a day, but a career."

Norris said he was uncertain how his groin would be treated, whether he would visit the same specialist he saw in February or any other details of the immediate future. He just knows he can’t continue on the same path.

"I don’t have a lot of info. (The groin) just doesn’t feel right, bottom line," he said. "I know that we are going to do everything to try to take care of me and try to get me right. Not only could I hurt myself going out there, but I’m hurting the team when I’m not able to perform at the best of my ability.

"You don’t lose seven miles an hour out of nowhere. But we’re going to get it figured out."

Dixon Machado throws to first to complete a double play hit by Baltimore Oriole’s Joey Rickard in the fourth inning of game, Saturday, April 28, 2018, in Baltimore. (AP Photo/Gail Burton)

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Thousands of opposition supporters rally in Armenian capital

YEREVAN, Armenia – Thousands of opposition supporters have blocked traffic in the Armenian capital over a recent change of government that the opposition sees as a move by the ex-president to stay in power.

Serzh Sargsyan, who served as president from 2008 until earlier this year when he stepped down because of term limits, is set to be approved as prime minister on Tuesday. The new system sees the president’s powers weakened and the prime minister taking a dominant role.

Armenia’s opposition views the move as Sargsyan’s attempt to stay in power indefinitely and has vowed to keep protesting around the clock.

Several thousand people blocked traffic Monday morning and camped on the streets. Some protesters began to build barricades with trash bins and benches.

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U.K.’s Labour Party Faces Anti-Semitism Accusations

LONDON—Britain’s opposition Labour Party is facing accusations of anti-Semitism that reached the party’s senior leadership and triggered the resignation of a close ally of party leader and veteran leftist Jeremy Corbyn.

The controversy threatens to undermine the party’s strong historical links to Britain’s Jewish community and could spell trouble for Mr. Corbyn, who is already facing criticism from some of his own lawmakers over his response to the poisoning of a former Russian double agent last month.

The row intensified after Luciana Berger, a Labour lawmaker and parliamentary chair of a Jewish organization affiliated with the party, unearthed on March 23 a social media post from 2012 in which Mr. Corbyn appeared to criticize the removal of a London mural depicting a group of bankers over a game of Monopoly, some of them resembling caricature-like Jews.

Challenged about his comment by Ms. Berger, Mr. Corbyn said on the same day that he regretted not having looked more closely at the image when he commented on the removal, saying the mural was disturbing and anti-Semitic. “I wholeheartedly support its removal,” he said. He also said his 2012 remarks were general comments referring to freedom of speech.

But in an open letter to the party published last week, the Board of Deputies of British Jews, an advocacy group, said that Mr. Corbyn has “again and again…sided with anti-Semites rather than Jews.”

“At best, this derives from the far left’s obsessive hatred of Zionism, Zionists and Israel,” the letter read. “At worst, it suggests a conspiratorial worldview in which mainstream Jewish communities are believed to be a hostile entity, a class enemy.”

In response to the letter, Mr. Corbyn—a longtime campaigner for Palestinian rights—said he was “committed to eliminating anti-Semitism wherever it exists.”

A group of Labour lawmakers attended a large-scale demonstration outside Parliament on March 26 calling on the party to do more to purge anti-Semites from its ranks.

The crisis intensified further after the emergence last week of an email from Christine Shawcroft, a Corbyn ally, in which she defended a party activist who had posted Holocaust-denying material on social media.

She later said she had not seen the material posted before sending the email, apologized and stepped down as chief of an internal Labour body that arbitrates disputes and from the party’s governing body.

In 2016, the party suspended former London mayor Ken Livingstone over an interview in which he said that Adolf Hitler supported Zionism “before he went mad and ended up killing six million Jews.”

Mr. Corbyn has been widely criticized by the ruling Conservatives as well as some of his own lawmakers over his failure to unequivocally condemn Moscow for what the British government says was a Russia-orchestrated nerve-agent attack on a former Russian spy and his daughter in southwestern England last month.

Write to Wiktor Szary at Wiktor.Szary@wsj.com

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Photos: Best pictures from Week 1 of the NCAA Tournament

Here are some of the best pictures from Week 1 of the NCAA Tournament. . . . . . . .

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Donald Glover is retiring Childish Gambino, but not before going on tour

Donald Glover is already committed to hanging up his Childish Gambino musical persona at some point in the near future, at which point he’ll most likely embark on a new creative journey that will be similarly acclaimed and unstoppable. Before that, though, Glover is going on tour as Childish Gambino with hip-hop duo Rae Sremmurd as his opener, and he’ll be stopping by some pretty huge venues across North America. Glover used his seemingly neglected Twitter account to announce the tour, quietly sharing a link to his website with a list of the tour dates.

The full list of tour dates is below.

Childish Gambino Tour 2018

9/6—Atlanta, GA—Infinite Energy Arena

9/8—Chicago, IL—United Center

9/10—Toronto, Ontario—Air Canada Centre

9/12—Boston, MA—TD Garden

9/14—New York, NY—Madison Square Garden

9/18—Philadelphia, PA—Wells Fargo Center

9/19—Washington, DC—Capital One Arena

9/22—Houston, TX—Toyota Center

9/23—Dallas, TX—American Airlines Center

9/26—Inglewood, CA—The Forum

9/27—Oakland, CA—Oracle Arena

9/29 —Seattle, WA—KeyArena

9/30—Vancouver, British Columbia—Rogers Arena

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The NFL Forgot to Put Hash Marks on the Super Bowl Field Logo Until Today

Yes, you read that right. Someone forgot to put the hash marks in the NFL logo at the Super Bowl.

As you can see from the tweet below, guys are painting in the hash marks with paintbrushes as we speak:

You only had one job! On the bright side, at least they realized this before game time and it didn’t cause a delay. Here’s to a great game…

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North Korean delegation visits Seoul

North Korean delegation visits Seoul

A North Korean delegation, including the lead singer of one of the country’s most popular girl bands, is touring Seoul, South Korea, ahead of the Olympic Games. CNN’s Ivan Watson reports.

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