Posted on Tuesday, March 03 2020 @ 13:48 CET by Thomas De Maesschalck
For the last couple of months, Xerox has been trying to acquire HP. A possible merger was first discussed in September and now Xerox is back at it with a $27 billion hostile takeover bid.
Xerox has pitched HP investors on a cash-and-stock offer worth $24 a share. For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares. The offer is set to expire April 21, Norwalk, Connecticut-based Xerox said Monday in a statement.
The photocopying pioneer has said combining the companies would yield $2 billion in cost savings and more than $1 billion in additional revenue growth. Both hardware companies invented technologies still in use by consumers and office workers, and have struggled in a world increasingly driven by software.
HP rejected the bid as the company claims Xerox is undervaluing its assets. HP executives say they will try to negotiate a more favorable deal.
Via: Bloomberg
