Xerox abandons $35 billion hostile bid for HP – sources


2/2
© Reuters. FILE PHOTO: The company logo for Xerox is displayed on a screen on the floor of the NYSE in New York

2/2

By Greg Roumeliotis

(Reuters) – Xerox Holdings Corp (N:) decided on Tuesday to abandon its $35 billion hostile cash-and-stock bid for HP Inc (N:) after the coronavirus outbreak put the brakes on its takeover campaign, according to people familiar with the matter.

The decision came after Xerox said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic. It is a blow to billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger.

Xerox’s board concluded that pursuing the takeover without having access to HP’s books, so that it could assess the impact of the coronavirus pandemic on HP’s business, would be too risky, the sources said.

Xerox was set to challenge HP’s board at the latter’s annual meeting of shareholders in May, but will now abandon this effort as well as its tender offer for HP’s shares, the sources added, requesting anonymity ahead of an official announcement.

The Wall Street Journal first reported on Xerox’s decision. Xerox and HP did not immediately respond to requests for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Citi names Fraser as president, putting her in line to be first female CEO

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here