Home Trading ETFsStock Market HP rejects Xerox’s raised takeover offer By Reuters

HP rejects Xerox’s raised takeover offer By Reuters

by Reuters
© Reuters. FILE PHOTO: A screen displays the logo for HP Inc. at the NYSE in New York

(Reuters) – HP Inc (N:) on Thursday rejected Xerox Holdings Corp’s (N:) raised takeover bid of about $35 billion, saying that the offer still undervalued the personal computer maker.

The U.S. printer maker had increased its offer last month by $2 to $24 per share, following rejections of its previous buyout offers by the PC maker.

“The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company,” Chip Bergh, chair of HP’s board, said on Thursday.

Xerox did not immediately respond to a request for comment.

Following the raised offer, HP had said it would implement a poison pill plan to stop investors from amassing more than 20% stake in the company.

HP has requested its shareholders to reject Xerox’s tender offer to acquire all its outstanding shares, which was launched by Xerox earlier this week.

The offer would disproportionately benefit Xerox shareholders relative to HP shareholders, the company said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related Articles

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy