© kritchanut dreamstime.com General | April 02, 2020
Xerox provides HP acquisition update
Xerox has issued a statement regarding its earlier proposal to buy HP Inc.
In a press release issued by Xerox, the company cited “macroeconomic and market turmoil” resulting from the COVID-19 pandemic as part of its decision to rescind its offer to acquire HP. The company is also withdrawing nominations of its candidates to the HP Board of Directors. HP also said it will continue to prioritize the health and welfare of all stakeholders, including employees, customers, and partners above all other concerns. Additionally, in the statement, Xerox commented on HP’s Board’s refusal to engage on the topic, as well as delay tactics that have not served the stockholders’ interests, who have “shown tremendous support for the transaction.” “Xerox's Board of Directors and management team are grateful for the significant backing we received from both Xerox and HP stockholders throughout this process. We thank the talented individuals who agreed to stand for election to the HP Board, making time in their busy schedules to take on this responsibility when HP’s existing Board did not,” the statement also read.