Mergers & Antitrust Law News

HP Urges Investors to Spurn Xerox Takeover on Virus Uncertainty

March 25, 2020, 9:08 PM

HP Inc. again asked shareholders to reject Xerox Holdings Corp.’s takeover offer, saying that a complex merger could be “disastrous” for the personal computer giant amid economic shocks stemming from the Covid-19 pandemic.

“Under these circumstances and consistent with our fiduciary duties, we believe that we should not divert valuable time, attention and resources to a dialogue with Xerox about its proposed transaction,” the Palo Alto, California-based company said Wednesday in a letter to investors. “Since Xerox launched its unsolicited exchange offer and nominated directors, the global, social, economic and financial environments have changed radically. Despite this, Xerox continues...

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