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."
(Score: 2) by Grishnakh on Thursday April 02 2020, @03:28AM
I haven't seen a Xerox machine for ages. The large machines I see in corporate settings these days seem to be Ricohs.