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2 Apr 2020

Xerox has withdrawn its offer to acquire HP in light of the current COVID-19 situation. In an earlier statement Xerox said that it would only be postponing the takeover bid. 

With the announcement, Xerox drops its US$34 billion bid for HP Inc. 

In a statement it said:

“The current global health crisis and resulting macroeconomic and market...

18 Mar 2020

Xerox has issued a statement that it is putting its HP pursuit on hold amidst the current COVID-19 pandemic. To that end, the company is postponing meetings with HP shareholders.

“In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and abo...

9 Mar 2020

HP unanimously rejects Xerox’s official tender. 

Last week, Xerox officially launched a tender offer HP’s outstanding shares at $24 per share.

HP’s board has already returned with its unanimous recommendation to shareholders to not tender shares in the Xerox offer. HP returned with the recommendation in three days, initially asking for 10...

6 Mar 2020

Canon will cut off ties with HP should Xerox’s acquisition happen, according to its CEO and Chairman Fujio Mitarai in an interview with Nikkei Asian Review.

Canon has a 35-year partnership with HP, of which Mitarai said that the foundation has been based on a “relationship of trust between top management” of both companies and “is not so...

3 Mar 2020

Xerox has officially made a tender offer to acquire all of HP’s outstanding shares. The deal values HP share at $24 each, or about $34 billion in total. The value comprise of $18.40 in cash and 0.149 Xerox shares for each HP share. HP shareholders are invited to tender their shares before 5pm New York City Time on 21 April 2020.

“Our pro...

27 Feb 2020

As Xerox 'wine and dines' HP shareholders, HP makes its own promises.

HP announced a multi-year strategic and financial value creation plan to benefit its shareholders. In this plan, HP is promising to return some USD$16 billion to its shareholders during fiscal 2020 to fiscal 2022. This represents about 50% of HP’s current market c...

11 Feb 2020

The Xerox vs HP saga continues.

Xerox announced its intention to launch a tender offer in March for HP Inc., at a price of $24 per share. This raises its original offer from $22.

The offer will comprise $18.40 in cash and 0.149 Xerox shares for each HP share. Xerox will launch the offer on or around 2 March.

The increased offer was in resp...

6 Feb 2020

Fuji Xerox Co., Ltd. announced that it is changing its corporate name to FUJIFILM Business Innovation Corp. as of April 1, 2021.

Fuji Xerox affiliates and sales companies in and outside Japan will also change their names respectively on April 1, 2021, but their new names will be announced at a later date.

Fujifilm owns 100% of Fuji Xerox,...

28 Jan 2020

Xerox goes for HP in hostile takeover bid.

Xerox intends to nominate 11 independent candidates to replace HP’s Board of Directors at HP’s 2020 Annual Meeting of Stockholders.

The candidates include former senior executives from companies such as Aetna, United Airlines, Hilton Hotels, Novartis, Verizon and more.

“HP shareholders have told u...

17 Jan 2020

Following Xerox’s announcement of securing US$24 billion in financing commitments, HP has once again rejected Xerox’s takeover bid.

The rejection was done via a letter from HP chairman Chip Bergh and CEO Enrique Lores to Xerox CEO John Visentin, stating the financing does not “address the key issue that Xerox’s proposal significantly und...

8 Jan 2020

Xerox announced to HP Inc. in a letter to its Board of Directors confirming that it has obtained USD$24 billion in binding financing commitments from Citi, Mizuho and Bank of America to complete its combination with HP.

In the letter, Xerox addressed concerns HP’s shareholders has over Xerox’s ability to finance the acquisition.

Citi is a...

19 Nov 2019

Upon its dispute resolution with Fujifilm, Xerox made a bold move on its competitor, HP Inc.

It offered USD$22-a-share, resulting in a total of $33.5 billion to acquire HP.

HP’s board of directors unanimously rejected the bid. In a letter to Xerox, HP cited the proposal as “unsolicited”, and deemed it significantly undervaluing to HP, and...

6 Nov 2019

Xerox announced that it has entered into agreements with Fujifilm. In the new agreement, Xerox will sell its 25% stake in Fuji Xerox to a Fujifilm subsidiary. 

This transaction will bring Fujifilm’s ownership of Fuji Xerox to 100%. Upon completion, Fuji Xerox will operate as a wholly owned subsidiary of Fujifilm and will continue to supp...

13 Mar 2019

US-based Xerox Corp has announced via a filing with the SEC that it plans to implement a structure in which the existing company will become a wholly owned unit of a new holding company.

A holding company structure allows a firm to lower its tax bill, protect patents and diversify its unit’s businesses efficiently.

The move comes after Xe...

26 Jun 2018

Fujifilm has filed a lawsuit against Xerox for cancelling its proposed merger. The lawsuit sought punitive damages and a US$183 million in termination fees for Xerox’s “intentional and egregious conduct”.

In a statement, Fujifilm placed blame on Xerox investors Carl Icahn and Darwin Deason, saying: “It is inconsistent with shareholder de...

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