HP: Xerox drops hostile bid
(CercleFinance.com) - After the market trading on Tuesday Xerox said that it has decided to abandon its hostile takeover bid of around 30 billion dollars on HP.
The company also announced that it will no longer seek to nominate a slate of candidates to HP's board of directors.
Xerox noted that this decision reflected the fact that doing such a deal would not be productive in the current macroeconomic context and market turmoil caused by the COVID-19 health crisis.
"In any case, investors had rightfully become increasingly suspect of any transaction taking place," one analyst commented after Xerox's statement.
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The company also announced that it will no longer seek to nominate a slate of candidates to HP's board of directors.
Xerox noted that this decision reflected the fact that doing such a deal would not be productive in the current macroeconomic context and market turmoil caused by the COVID-19 health crisis.
"In any case, investors had rightfully become increasingly suspect of any transaction taking place," one analyst commented after Xerox's statement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.