Xerox withdraws bid for HP

‘The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP,’ announced Xerox at 31.03., ‘accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors.’

‘There remain compelling long-term financial and strategic benefits from combining Xerox and HP,’ added Xerox, ‘the refusal of HP’s Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction.’

It is reported that Xerox decided that continuing the bid without seeing HP’s accounts so that it could see the effects of the coronavirus on HP’s business would be too risky. Xerox had intended to propose an alternative slate of directors for the HP board at HP’s AGM in May.