Today, Xerox announced its intention to make a takeover bid "on or about March 2, 2020." for all of the outstanding shares of HP Inc. common stock, and the U.S. printing press maker is increasing its offer.
He now intends to attract shareholders with an offer at $24.00 per share ($18.40 in cash plus 0.149 of a Xerox share). Underestimated by HP's Board of Directors, xerox's previous proposal had, since last October, remained at $22.00 ($17.00 in cash plus 0.137 of a Xerox share).
Xerox explains that it has met with several of HP's largest shareholders. "These shareholders consistently state that a combination of Xerox and HP should result in improved returns, better growth prospects and first-class human capital. The tender offer announced today will enable these shareholders to accept Xerox's attractive offer despite HP's continued refusal to take this opportunity."
