Xerox caps off COVID-crushing year with business split plans
Xerox Holdings is to carve up its entire business next year off the back of a 22.7 per cent fall in revenue last year.
Xerox Holdings is to carve up its entire business next year off the back of a 22.7 per cent fall in revenue last year.
Xerox Holdings has decided to withdraw its tender offer to acquire HP and drop its efforts to influence the target company’s board, citing the “turmoil” caused by COVID-19.
HP doesn’t want to divert its “valuable time, attention and resources” to a dialogue with Xerox about its proposed takeover bid amid the COVID-19 pandemic.
Xerox, which is in a proxy fight for control of HP, has said it would postpone meetings with shareholders of the personal computer maker amid the coronavirus outbreak.
HP has rejected Xerox's raised takeover bid of about U.S.$35 billion, saying it undervalued the personal computer maker.
Xerox is ramping up its efforts to buy HP with an official tender offer to acquire HP shares at a total of approximately U.S.$35 billion.
Xerox has said it will continue to pursue HP, even after the PC maker said it would implement a poison pill plan to shield itself against a takeover offer.
Xerox has raised its offer to buy HP by US$2 to US$24 per share, following several rejections of its previous buyout offer by the PC maker.
HP has taken aim at activist investor Carl Icahn, naming him personally in a rebuttal to Xerox’s latest attempt to effect a takeover by offering up its own candidates to stand for election to HP’s board.
This year's global PC market isn’t expected to meet 2019’s growth due to disruptions across various markets and vendors not meeting the demand of new technologies.
The rumbling uncertainty surrounding Xerox’s proposed takeover of HP may have generated unintended opportunities for the print and PC vendor’s rivals.
HP has once again rebuffed an unsolicited acquisition attempt by Xerox after the printer giant secured US$24 billion to fund its takeover.
HP has raised questions about the long-term health of Xerox as the printer giant pushes towards a US$33.5 billion hostile buyout.
Xerox has threatened to take its US$33.5 billion buyout bid for HP hostile.
HP Inc has rejected Xerox’s unsolicited takeover bid, understood to be in the range of US$33 billion, suggesting the offer “significantly undervalues” HP.