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As promised, on March 2, Norwalk, Conn.-based Xerox Holdings launched a $34.9 billion proxy bid to acquire all outstanding shares of HP Inc. for $24 per share (a $2 per share increase above its initial offer), comprising $18.40 in cash and 0.149 Xerox shares for each HP share. Targeted directly at HP shareholders, the unsolicited "hostile takeover" offer and withdrawal rights are scheduled to expire at 5 p.m. ET on April 21, 2020, unless it is extended.
“Our proposal offers progress over entrenchment,” John Visentin, vice chairman and CEO of Xerox, said in announcing the proxy offer, which will be sent directly to HP shareholders. “HP shareholders will receive $27.33 billion in immediate, upfront cash while retaining significant, long-term upside through equity ownership in a combined company with greater free cash flow to invest in growth and return to shareholders.” (Xerox created a website, www.XplusHP.com, to help make its case about the benefits of the transaction.) READ MORE
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