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Xerox postpones HP takeover due to COVID-19

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 above all other considerations, including its proposal to acquire HP,” said John Visentin, Xerox vice chairman and chief executive officer.

“As we closely monitor reports from government and healthcare leaders across the globe and work with colleagues in the business community to minimize the spread and impact of the virus, we believe it is prudent to postpone releases of additional presentations, interviews with media and meetings with HP shareholders so we can focus our time and resources on protecting Xerox’s various stakeholders from the pandemic.”

Xerox added that it does not consider the market decline since the date of its offer or the temporary suspension of trading in HP shares that occurred on March 10, 2020 and March 12, 2020 as a result of market-wide circuit breakers procedures to constitute a failure of any condition to its offer to acquire HP.

Xerox will take the same view on any future temporary trading halts, unless otherwise stated in advance.

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