Xerox increases offer to buy HP

epa08026218 (FILE) - A company sign is seen outside the Hewlett-Packard headquarters in Palo Alto, California, USA, 22 November 2011 (reissued 26 November 2019). HP on 26 November 2019 released their 3rd quarter 2019 results, saying their 3rd quarter 2019 net revenue stood at 14.6 billion USD, up 0.1 per cent from the prior-year period. EPA-EFE/JOHN G. MABANGLO

Reading Time: < 1 minute

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 

%d bloggers like this: