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Xerox Increases Offer Price for HP Inc. to $24 Per Share

Xerox Increases Offer Price for HP Inc. to $24 Per Share

Enterprise & IT Feb 10,2020 0

Xerox Holdings Corp. on Monday announced plans to make a tender offer on or around March 2, 2020 for all of the outstanding shares of common stock of HP Inc. at a price of $24.00 per share, which will be comprised of $18.40 in cash and 0.149 Xerox shares for each HP share.

“The tender offer announced today will enable these [HP] stockholders to accept Xerox’s compelling offer despite HP’s consistent refusal to pursue the opportunity,” Xerox said in its announcement.

The latest offer, which follows several rejections of previous buyout offers by the PC maker, is valuing HP at about $35 billion.

Xerox first made a $33.5 billion cash-and-stock offer for HP, a company more than three times its size, in November. HP’s board had then rejected the offer, saying it significantly undervalued the company.

Xerox said last month it plans to nominate 11 independent candidates to HP’s board and that it had secured $24 billion in financing for the offer.

In December, activist investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox, also urged HP shareholders who agreed to the merger to reach out to the PC maker’s directors for immediate action.

Tags: XeroxHP
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