Term Sheet — Monday, May 14

MONDAY MADNESS

Good morning, Term Sheet readers.

So much news today. Let's get right to it.

NOW, WHAT? Xerox Corp called off its planned $6.1 billion merger with Fujifilm Holdings Corp in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management. This means that the company will replace its CEO Jeff Jacobson (again) and it will make a series of changes to its board of directors. Read more.

TENCENT TROUBLE: In a...

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