The two companies have been sparring ever since HP's board of directors unanimously rejected a proposal from Xerox to acquire the company earlier this month.
a proposal from Xerox to acquire the company for $22 per share in cash and stock. HP said the offer is not in the best interest of shareholders and would undervalue HP. Xerox execs initially gave HP's board a deadline of Nov. 25th to reconsider the offer.as part of a broader restructuring plan that it estimates will save $1 billion a year. The cuts would amount to nearly 16% of its 55,000 employees across the world, according to data from FactSet.
We have put forth a compelling proposal – one that would allow HP shareholders to both realize immediate cash value and enjoy equal participation in the substantial upside expected to result from a combination. Our offer is neither "highly conditional" nor "uncertain" as you claim. It does not contain a financing contingency, and the combined company is expected to have an investment grade credit rating.
Nevertheless, rather than engage with us in three weeks of customary mutual due diligence, HP continues to obfuscate and make misleading statements. It is important that we correct, for your benefit and that of HP's shareholders, a few of the mischaracterizations from your last letter. It is possible that the modest, expensive and time-consuming cost savings included in the restructuring plan you announced on October 3, 2019 , has resulted in a lack of confidence in HP's ability to realize the $2+ billion of synergies your team previously agreed could be achieved in a combination.
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