Xerox Corp said on Tuesday it was planning to take its $33.5 billion buyout bid ...
- Xerox Corp said on Tuesday it was planning to take its $33.5 billion buyout bid directly to HP Inc shareholders after the personal computer maker refused to open its books for due diligence before a deadline.
“We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity,” Xerox said in a letter to HP’s board.HP on Sunday rejected Xerox’s $22 per share offer that consists of $17 in cash and 0.137 Xerox share for each HP share, saying the offer “significantly undervalues HP”.
“While you may not appreciate our ‘aggressive’ tactics, we will not apologize for them,” Xerox said on Tuesday. Xerox made the offer for HP, a company more than three times its size, on Nov. 5, after it resolved a dispute with its joint venture partner Fujifilm Holdings Corp that represented billions of dollars in potential liabilities.
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