HP board reviews Xerox tender offer for HP

Xerox Holdings this week launched its tender to acquire all outstanding shares of HP for $24.00 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share (based on Xerox’s closing share price of $37.68 on February 6, 2020.).

“Our proposal offers progress over entrenchment,” said John Visentin, vice chairman and chief executive officer of Xerox. “HP shareholders will receive $27 billion in immediate, upfront cash while retaining significant, long-term upside through equity ownership in a combined company with greater free cash flow to invest in growth and return to shareholders.”

HP said the board is reviewing the unsolicited bid. Shareholders have been advised to take no action at this time pending the Board’s review and evaluation of the offer.