Xerox raises HP offer to $24 per share
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 response to feedback from HP stockholders, who according to Xerox: “consistently state that they want the enhanced returns, improved growth prospects and best-in-class human capital that will result from a combination of Xerox and HP.”
Xerox first made an unsolicited bid on HP in November 2019 for USD$33.5 billion. HP turned it down immediately, and deemed it seriously undervaluing to the company.
Xerox then sent a public letter to HP confirming that it has secured $24 billion in binding financial commitments, but was shot down yet again.
Following multiple rejections, Xerox announced that it plans to nominate candidates in an attempt to take over HP’s board of directors.
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