HP Inc. rejects Xerox offer but open to deal options


HP’s board of directors have unanimously rejected a proposal from Xerox to acquire the company, because the offer is not in the best interest of shareholders and would undervalue HP.

The company has now formally responded to the acquisition offer with a letter sent on 17 November. The board of directors at HP Inc responded to the acquisition offer with a letter to Xerox vice-chairman and CEO John Visentin, stating: “Our board of directors has reviewed and considered your unsolicited proposal dated 5 November 2019 at a meeting with our financial and legal advisors and has unanimously concluded that it significantly undervalues HP and is not in the best interests of HP shareholders.

“In reaching this determination, the board also considered the highly conditional and uncertain nature of the proposal, including the potential impact of outsized debt levels on the combined company’s stock.”

Activist investor Carl Icahn, who has a stake in Xerox, told the Wall Street Journal last week that he was not set on a particular structure for a deal with HP, as long as a combination is achieved.

Icahn, who also owns shares in HP, is yet to issue a statement on the latest developments.

In its letter to HP’s board, Xerox outlined about $2 billion in savings it said could be achieved within two years of the deal.

Xerox is one of the biggest sellers of photocopiers, while Palo Alto, California-based HP is one of the world’s largest printer makers.Xerox has a market value of $8.4 billion and HP is valued at nearly $30 billion.


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