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Xerox Withdraws Its Hostile Bid for HP, Citing ‘Current Global Health Crisis’

posted by martyb on Wednesday April 01 2020, @09:24PM   Printer-friendly
from the waiting-for-a-better-deal-or-holding-onto-assets-or??? dept.

wirelessduck writes:

https://www.barrons.com/articles/xerox-withdraws-hostile-bid-for-hp-citing-impact-of-coronavirus-51585688762

Xerox Holdings is withdrawing its hostile bid for HP Inc., the latest example of Covid-19's wide-ranging impact on markets.

Xerox (ticker: XRX) said Thursday afternoon that it will pull both its tender offer for HP (HPQ) shares and its proposed slate of directors for the HP board.

"The current global health crisis and resulting macroeconomic and market turmoil caused by Covid-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc.," Xerox said in a statement. "Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP's Board of Directors."

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  • (Score: 3, Insightful) by khallow on Thursday April 02 2020, @12:44AM (3 children)

    by khallow (3766) Subscriber Badge on Thursday April 02 2020, @12:44AM (#978198) Journal
    It'll be far from the only bad decision blamed on or covered up by covid.
    Starting Score:    1  point
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       Insightful=2, Total=2
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    Total Score:   3  

  • (Score: 0) by Anonymous Coward on Thursday April 02 2020, @07:49AM (2 children)

    by Anonymous Coward on Thursday April 02 2020, @07:49AM (#978256)

    Something tells me a certain President is exempted from this prediction?

    • (Score: 1) by khallow on Thursday April 02 2020, @10:00PM (1 child)

      by khallow (3766) Subscriber Badge on Thursday April 02 2020, @10:00PM (#978462) Journal

      Something tells me a certain President is exempted from this prediction?

      I doubt it. Trump can probably blame a lot on covid now.

      • (Score: 0) by Anonymous Coward on Thursday April 02 2020, @11:45PM

        by Anonymous Coward on Thursday April 02 2020, @11:45PM (#978487)

        CoVFEFE-19