Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

HP rejects Xerox's raised takeover offer of $35 billion

03/05/2020 | 03:11pm EST
FILE PHOTO: The company logo for Xerox is displayed on a screen on the floor of the NYSE in New York

HP Inc on Thursday rejected Xerox Holdings Corp's raised takeover bid of about $35 billion, saying it undervalued the personal computer maker.

The U.S. printer maker last month increased its offer by $2 to $24 per share, after its previous buyout offers were rejected by the PC maker for the same reason.

Chip Bergh, chair of HP's board, said the offer would leave shareholders with an investment in a combined company that is burdened with an irresponsible level of debt.

"(It) would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company," Bergh said in a statement.

He pointed to declining sales at Xerox and said its recent sale of its interest in the Fuji-Xerox joint venture raised concerns about the company's future position.

Xerox decided https://www.reuters.com/article/us-xerox-fujifilm/xerox-exits-fujifilm-venture-with-2-3-billion-stake-sale-to-japan-partner-idUSKBN1XF0NB to sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings, for $2.3 billion in November last year, following investor activism that scuppered a deal between the two companies.

After Xerox raised its bid last month, HP said it would implement a poison pill plan to stop investors from amassing more than 20% stake in the company.

HP on Thursday requested shareholders to reject Xerox's tender offer launched earlier this week, saying it would disproportionately benefit Xerox shareholders relative to HP shareholders.

Xerox shares fell over 4% and HP shares about 1% in early trading.

(Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi and Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FUJI CO., LTD. 0.45% 1996 End-of-day quote.2.10%
FUJIFILM HOLDINGS CORPORATION -0.48% 6257 End-of-day quote.15.06%
HP INC. 1.42% 24.975 Delayed Quote.0.12%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LEVI STRAUSS & CO. 3.09% 22.07 Delayed Quote.6.32%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
XEROX HOLDINGS CORPORATION -0.95% 20.9 Delayed Quote.-10.52%
Latest news "Economy & Forex"
02:52pWall Street vs Main Street fight quashes hedge funds as GameStop keeps rallying
RE
02:51pPOWELL : Going to preserve and element of judgment
RE
02:51pPOWELL : We're not going to adopt a formula
RE
02:51pPowell says should the need arise we would have tools to deal with high inflation, but don't expect it
RE
02:51pEurope lifts safety ban on Boeing 737 MAX jet
RE
02:50pPowell says very unlikely anything we see now would result in troubling inflation
RE
02:50pPOWELL : Inflation has averaged less than 2% for a quarter century
RE
02:50pPowell says fed will be patient, not react if we see small, transient inflation increases
RE
02:50pU S SENATE COMMITTEE ON JUDICIARY : Feinstein Introduces Bill to Permanently Ban Offshore Drilling Off West Coast
PU
02:50pWhite House Says Janet Yellen 'Monitoring the Situation'
DJ
Latest news "Economy & Forex"