Xerox was to acquire rival, HP Inc, at a hostile bid of $35 billion, which the latter claimed as an undervaluation.
Xerox Holdings Corp. has dropped its five-month hostile bid to acquire larger rival HP Inc. because the COVID-19 health crisis undermined the copier maker’s ability to pull off the debt-laden merger, the company said in statement. Xerox was to acquire rival, HP Inc, at a hostile bid of $35 billion, which the latter claimed as an undervaluation.
“Xerox needs to prioritise 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, Chief Executive Officer, Xerox.
“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,” Visentin said.