HP Again Rejects Takeover Offer From Xerox
A pedestrian walks past the entrance to HP Inc. headquarters in Palo Alto, California, U.S. (Photographer: David Paul Morris/Bloomberg)

HP Again Rejects Takeover Offer From Xerox

Bookmark

(Bloomberg) -- HP Inc. again rejected an unsolicited takeover offer from Xerox Holdings Corp., saying the potential deal “significantly undervalues” the personal-computer maker.

Xerox said Monday it had secured $24 billion of financing for a potential acquisition of Palo Alto, California-based HP. The debt commitment “is not a basis for discussion,” HP said Wednesday in a letter to Xerox Chief Executive Officer John Visentin. “The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.”

Xerox said Citigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. provided the financing for the Norwalk, Connecticut-based printer maker to pursue its $22-per-share cash-and-stock acquisition bid.

HP has repeatedly snubbed the offer, saying its announced restructuring plan will provide greater value to shareholders. Xerox has left open the possibility of sparking a proxy fight or introducing a tender offer to close the deal.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.