Xerox gives up. Citing the global health crisis and the resulting macroeconomic turbulence, the US press and copier manufacturer withdraws its hostile bid to acquire HP.
"While it is disappointing that it has come to this, we place the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, above all other considerations." indicates the group, which was already, by mid-March, put his project on hold due to the covid-19 outbreak.
Xerox adds bitter: "There are, however, compelling long-term financial and strategic advantages to merging Xerox and HP. HP's Board of Directors' refusal to make a significant commitment for many months and its delaying tactics have proven particularly unfavourable to its shareholders, who have shown a strong interest in this transaction"
This puts an end - for the time being at least - to an arm wrestling match that began last November.
Xerox had submitted an offer to acquire the digital press manufacturer HP (read Future merger? Xerox makes offer to HP ). But HP, which has a turnover six times higher, had refused this proposal which it had publicly described as underestimated and he said he doubted Xerox's financial strength. After a press release war and a attempt to join the HP Board of Directors Xerox finally spoke directly to HP shareholders on March 2, while increasing its offer per share from $22 to $24 (read more) Xerox's takeover bid for HP becomes clearer ).
