HP rejects Xerox proposal, says it is open to discussing transaction
HP Inc.’s board unanimously rejected Xerox Holdings Corp.’s unsolicited takeover offer, saying the $22-a-share offer is too low. It cited concerns about Xerox’s prospects.
HP CEO Enrique Lores and Chairman Chip Bergh, in a letter to Xerox CEO John Visentin, said the company is “open to exploring” a merger, but there are “fundamental questions that need to be addressed.” They cited Xerox’s revenue decline since June 2018, “which raises significant questions for us regarding the trajectory of your business and future prospects.”
HP’s statement included a Nov. 5 letter from Xerox outlining the offer of $17 a share in cash and 0.137 Xerox share for each HP share, for a total transaction value of $33.5 billion. Xerox’s letter said the offer remained open until Nov. 13. HP said its board made its decision the day it received Xerox’s letter.
“We remain ready to engage with you to better understand your business and any value to be created from a combination,” they added.
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HP Rejects Takeover Bid From XeroxI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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