Xerox has withdrawn its offer to acquire HP in light of the current COVID-19 situation.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 turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc.. Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors.”
HP has always rebuffed Xerox's advances, deeming their offer undervaluing to its stakeholders.
Xerox maintained that there are long-term financial and strategic benefits from the merge.
Get caught up:
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- Xerox raises HP offer to $24 per share
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- Xerox launches hostile $24 a share bid for HP
- HP says no to Xerox: here's 15 reasons why
- Xerox postpones HP takeover due to COVID-19