Xerox representatives met with shareholders from HP Inc. and investors on December 9 to discuss the company's proposal to acquire HP. This was HP Inc. on December 9, 2019 in a compulsory message to the US Securities and Exchange Commission. In addition, in a joint venture in just 18 months gross savings of about 1 billion US dollars are possible.
HP's board of directors rejected Xerox's takeover bid. It was concluded that the Xerox proposal "HP significantly undervalued"It said in a letter to Xerox CEO John Visentin. "We are open to exploring the potential of adding value to HP shareholders through a potential combination with Xerox." According to HP "to clarify basic questions"since the decline in revenue since June 2018 raises significant questions regarding business performance and prospects. "By embracing Xerox management and accessing sensitive information about Xerox, we believe we can quickly assess the merits of a potential transaction."
Billionaire Carl Icahn is supporting Xerox's acquisition of PC and printer manufacturer HP Inc. Icahn said it owns 4.24 percent of HP's worth $ 1.2 billion. In addition, the 83 -year-owned 10.6 percent of Xerox shares. Icahn had asked HP's shareholders, who endorse the merger with Xerox, to quickly contact the manufacturer's directors this past Wednesday. In a letter, Icahn named HP's stand-alone restructuring plan "a restructuring of deckchairs on the Titanic", The shareholders of HP deserve to decide for themselves whether a combination with Xerox would make sense before the idea of the "Board of HP is summarily rejected"Icahn said.
Xerox, based in Norwalk, Connecticut, manufactures mainly large printers and copiers. At HP, all printing and PC products run under the old company logo. Headquartered in Palo Alto, California, HP primarily offers smaller printers and printer accessories, as well as 3D printers, and is one of the largest PC manufacturers in the world. The company generated sales of approximately $ 58 billion in the past fiscal year, which ended in October 2018.