Daily Management Review

Xerox refuses intention to buy HP


The American corporation Xerox abandoned the idea of acquiring HP amid the economic consequences of the coronavirus pandemic, CNBC reported with reference to the statement of the corporation.

Ken Bosma via flickr
Ken Bosma via flickr
"The current global health crisis and the ensuing macroeconomic and market turmoil caused by COVID-19 have created a situation that does not encourage Xerox to continue its efforts to acquire HP Inc," reads a statement from Xerox.

The corporation also noted that it will not nominate a list of its candidates for the HP Board of Directors.

In November 2019, Xerox made an offer to purchase HP Inc. for $ 33.5 billion, which was later rejected because the company decided that such terms of purchase underestimate HP. In February 2020, Xerox increased the value of its HP purchase offer by almost 10%, to $ 24 per share from the previous offer of $ 22. However, HP refused again.

Xerox Corp. Corporation was founded in 1906 in Rochester (New York, USA). The company specializes in the development of technologies in the field of printing and document management. It became the first company to launch a mass production of copy machines of its own design.

On March 11, the World Health Organization declared an outbreak of a new coronavirus infection COVID-19 pandemic. According to the latest WHO data, more than 750 thousand cases of infection have been recorded in the world, more than 36 thousand people died.

source: cnbc.com