Jan 8, 2020
HP again rejects takeover offer from Xerox
Bloomberg News
,HP Inc. again rejected an unsolicited takeover offer from Xerox Holdings Corp., saying the potential deal “significantly undervalues” the personal-computer maker.
Xerox said Monday it had secured US$24 billion of financing for a potential acquisition of Palo Alto, California-based HP. The debt commitment “is not a basis for discussion,” HP said Wednesday in a letter to Xerox Chief Executive Officer John Visentin. “The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.”
Xerox said Citigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. provided the financing for the Norwalk, Connecticut-based printer maker to pursue its US$22-per-share cash-and-stock acquisition bid.
HP has repeatedly snubbed the offer, saying its announced restructuring plan will provide greater value to shareholders. Xerox has left open the possibility of sparking a proxy fight or introducing a tender offer to close the deal.