HP's Board of Directors has rejected Xerox's hostile takeover bid. This was the company on 17 November 2019 known, It was concluded that the Xerox proposal "HP significantly undervalued"It said in a letter to Xerox CEO John Visentin.
"We are open to examining whether a potential combination with Xerox can add value to HP shareholders." According to HP "to clarify basic questions"since the decline in revenue since June 2018 raises significant questions regarding business performance and prospects.
"By embracing Xerox management and accessing sensitive information about Xerox, we believe we can quickly assess the merits of a potential transaction."
Billionaire Carl Icahn is supporting Xerox's acquisition of PC and printer manufacturer HP Inc. Icahn said it owns 4.24 percent of HP's worth $ 1.2 billion. In addition, the 83-year-old owns 10.6 percent of Xerox shares.
Icahn argued that a combination of the two printer manufacturers could bring big profits to investors. A merger would have "a savings potential of 2 billion US dollars",
Xerox, based in Norwalk, Connecticut, manufactures mainly large printers and copiers. At HP, all printing and PC products run under the old company logo. Headquartered in Palo Alto, California, HP primarily offers smaller printers and printer accessories, as well as 3D printers, and is one of the largest PC manufacturers in the world. The company generated sales of approximately $ 58 billion in the past fiscal year, which ended in October 2018.