The Recycler
  • Katun web banner December 2022 NEW
  • G&G Masthead August 2024
  • Ambiente 2025 Masthead
  • Biuromax Masthead web banner March 2024

Xerox bows out of HP take over

April 1, 2020

Xerox announced yesterday that it is withdrawing its tender offer to acquire HP and its Director nominations.

In its statement, Xerox said that the current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to the company continuing to pursue an acquisition of HP Inc. “Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors,” the statement said.

Xerox repeated that it believes that “there remain compelling long-term financial and strategic benefits from combining Xerox and HP,” and added that “the refusal of HP’s Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction.”

Thanking its backers, Xerox said: “Xerox’s Board of Directors and management team are grateful for the significant backing we received from both Xerox and HP stockholders throughout this process. We thank the talented individuals who agreed to stand for election to the HP Board, making time in their busy schedules to take on this responsibility when HP’s existing Board did not. And finally, we thank the banks who agreed to finance this acquisition, who never wavered in their commitments, even during the market turmoil caused by COVID-19.”

HP was quick to respond with its own statement on the matter and said: “We remain firmly committed to driving value for HP shareholders. HP is a strong company with market leading positions across Personal Systems, Print, and 3D Printing & Digital Manufacturing. We have a healthy cash position and balance sheet that enable us to navigate unanticipated challenges such as the global pandemic now before us, while preserving strategic optionality for the future.”

HP said it wants to build on its “strength and resiliency throughout this crisis and position the business for the opportunities ahead.

“HP would like to thank our shareholders, partners, customers and employees for their input and continued support through this process.”

 

Editor’s Opinion: While the offer has been withdrawn for obvious reasons, the synergy of bringing the two organisations together is still there. So when the pandemic is over and markets reset themselves, expect a fresh bid to be on the table.

Categories : City News

Tags : HP Merger Take Over Bid Xerox

  • G&G web advert October 2024
  • Apex September 2024 Web ad
  • Biuromax web banner July 2024
  • Cartridge Web Nov Web Banner
  • Static Control June 2022 Big & Bold Ad
  • GM Technology October 2024
  • TN Core Nov Web advert
  • IR Italiana Web ad January 2021
  • Ink Tank No Web advert
  • Denner Feb 2024 Web Ad
  • Zhono Web ad March 2024
  • CET Web ad December 2023
  • Mito Web banner June 2024
  • denner UK Web Banner Jul 2024
  • HYB Web banner Jan 2024
  • ITP Web ad January 2021
  • PCL Nov Web advert
  • Zhono Web ad March 2024
  • PCL Nov Web advert
  • Mito Web banner June 2024
  • ITP Web ad January 2021
  • Denner Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • denner UK Web Banner Jul 2024
  • Denner Feb 2024 Web Ad
  • PCL Nov Web advert
  • ITP Web ad January 2021
  • denner UK Web Banner Jul 2024
  • CET Web ad December 2023
  • HYB Web banner Jan 2024
  • Zhono Web ad March 2024
  • Mito Web banner June 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark