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Xerox Launches Tender Offer To Buy HP Shares; HP To Review Xerox Offer

Xerox Holdings Corp (XRX) announced that it launched tender offer to acquire all outstanding shares of HP Inc. (HPQ) for $24.00 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share. The offer and withdrawal rights are scheduled to expire at 5:00 p.m. New York City Time on April 21, 2020, unless the offer is extended.

HP Inc. confirmed that Xerox has commenced exchange offer and shareholders are advised to take no action at this time pending the Board's review and evaluation of the Offer. The HP Board will carefully review and believes is in the best interests of the Company and all HP shareholders. HP intends to advise shareholders of the Board's position regarding the Offer within ten business days.

"Our proposal offers progress over entrenchment," said John Visentin, vice chairman and chief executive officer of Xerox. "HP shareholders will receive $27 billion in immediate, upfront cash while retaining significant, long-term upside through equity ownership in a combined company with greater free cash flow to invest in growth and return to shareholders."

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