Xerox made a new offer of about $35bn including debt to buy personal computer maker HP, as the US printer seeks to win over the support of its rival’s shareholders in a move that is likely to escalate hostilities between the two companies.
Xerox said that it met with a number of HP investors as it has been actively trying to convince them of the merits of a combination, but did not name the shareholders it has spoken to.
Xerox has decided to take its offer directly to shareholders after HP’s board twice rejected a $22-a-share bid saying it undervalued the company.
“The tender offer announced today will enable these stockholders to accept Xerox’s compelling offer despite HP’s consistent refusal to pursue the opportunity.”
Source: Financial Times
