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Xerox Drops Hostile Bid for HP on Virus Uncertainty (2)

March 31, 2020, 10:15 PM

Xerox Holdings Corp. ended its hostile takeover bid for HP Inc. because of uncertainty stemming from the Covid-19 pandemic, marking a blow to the photocopier company’s efforts to stimulate future growth.

The Norwalk, Connecticut-based company will withdraw its tender offer to HP shareholders and stop an effort to win a slate of board directors. Xerox believes the underlying logic behind a combination remains sound and may revisit the idea in the future, said a person familiar with the issue who asked not to be identified discussing company deliberations.

“The current global health crisis and resulting macroeconomic and market turmoil caused ...