Plus   Neg

HP Again Rejects Xerox's $33.5 Bln Takeover Offer

HP Inc (HPQ) again rejected a $33.5 billion takeover offer from Xerox Holdings Corp. (XRX), saying that the proposal still undervalues HP.

HP said that Xerox securing financing for its takeover offer for the personal computer maker is not a basis for a discussion.

Xerox said Monday it had secured $24 billion of financing for a potential acquisition of Palo Alto, California-based HP.

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."

HP had in late November reiterated its rejection of Xerox's $33.5 billion cash-and-stock offer for the PC and printer maker, saying that the proposal significantly undervalued the company. Xerox had proposed to acquire HP for $22.00 per share, comprising $17.00 in cash and 0.137 Xerox shares for each HP share.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Global PC shipments returned to growth in the second quarter of 2020 after seeing a significant decline in the preceding first quarter due to COVID-19 related supply-chain disruptions, according to reports by two research firms. The PC market returned to growth in the quarter as production ramped up and vendors restocked their supplies to near-normal levels. The bankruptcy filing of America's oldest apparel retailer Brooks Brothers has ignited significant interest from potential buyers for the brand. WHP Global and a venture backed by Authentic Brands Group LLC and Simon Property Group, Inc., are reportedly considering bids for the retailer. WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD brands. Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements.
Follow RTT