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Technology HP rejects Xerox buyout offer, at least for now

04:06  18 november  2019
04:06  18 november  2019 Source:   engadget.com

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HP has been receiving buyout offers as of late, but it's not ready to lose its independence -- at least , not yet. The tech pioneer has rejected a Xerox proposal to buy the company for per share, arguing that the current offer "undervalues" HP and isn't in shareholders' "best interests."

HP said on Sunday that it had turned down a takeover offer from Xerox , rejecting a deal that would have brought together two once-formidable printing companies that have faced business difficulties as demand for printed documents and ink has waned.

HP has been receiving buyout offers as of late, but it's not ready to lose its independence -- at least, not yet. The tech pioneer has rejected a Xerox proposal to buy the company for $22 per share, arguing that the current offer "undervalues" HP and isn't in shareholders' "best interests." It also cast doubt on Xerox's ability to pull off the deal in the first place, noting Xerox's declining revenue and the prospect of massive debt for the combined company.

a close up of a sign

However, HP not so subtly hinted that it was open to a better deal. The HP board told Xerox that "substantive engagement" from executives and access to relevant information could help it gauge the value of a deal. It's not averse to being acquired, then, but it does want to know that any buyout will make sense.

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HP rejected a billion takeover offer from Xerox as too low but the PC and printer maker made clear it is interested in discussing a deal to combine with its smaller rival. Xerox had offered to buy HP for a share in cash and stock. Photo: Elise Amendola/Associated Press.

HP rejected the offer , saying that it has “great confidence” in its ability to deliver long-term value. Its board also said it had “significant questions” about the trajectory of Xerox ’s business and prospects, particularly given a recent decline in its revenue. A representative for Xerox , which is based in

The bid appears to have been prompted by activist investor Carl Icahn, who's well-known for trying to push companies together. He recently bought a $1.2 billion stake in HP and owns a 10.6 percent slice of Xerox, and hasn't been shy about arguing that a combined HP-Xerox would both save money and thrive in the printer world.

HP has reasons to both give in and hold out. In October, it announced plans to cut up to 9,000 jobs (about 16 percent of its current headcount) between now and the end of its fiscal 2022. It isn't in dire straits when its profits grew this summer, but it clearly wants to tighten its belt. At the same time, selling to Xerox would mark the end of an era -- one of Silicon Valley's oldest companies would lose some control over its destiny. This wouldn't be a trivial move for HP, even if it made financial sense.

HP

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