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HP says Xerox tender offer is “disastrous” in current climate Acquisitions News 

HP says Xerox tender offer is “disastrous” in current climate

HP Inc. advised shareholders advancing Xerox’s proposed tender offer could be “disastrous” during the current global COVID-19 pandemic. HP said the Xerox’s offer would burden the company with a debt level that could potentially threaten its cash needs, but hasn’t ruled out a future combination if and when the economy improves.  HP also raised concerns the “highly leveraged capital structure”... Read More
Xerox puts HP bid on hold due to COVID-19 concerns Acquisitions News 

Xerox puts HP bid on hold due to COVID-19 concerns

Xerox Holdings Corp. today put a hold on takeover bid activities for HP Inc. due to the global COVID-19 pandemic. “In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP,” said John Visentin, Xerox vice chairman... Read More
Xerox officially launches HP tender offer; HP rejects it Acquisitions News 

Xerox officially launches HP tender offer; HP rejects it

Xerox Holding Corp. officially launched its $34 billion cash-and-stock offer for HP Inc., a proposal valued at about $24 a share. (For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares.) The offer is set to expire April 21. Xerox already nominated 11 candidates for HP’s board to help close the deal. “Our proposal offers... Read More
Xerox names Tali Rosman as vice president, 3D Business People on the Move 

Xerox names Tali Rosman as vice president, 3D Business

Xerox announced the hiring of Tali Rosman as vice president of Xerox’s 3D Business. In this role, she reports to Naresh Shanker, chief technology officer of Xerox. Rosman joins Xerox most recently from NICE, where she was vice president and head of business operations for the Americas. “3D is the most advanced of our five new innovation pillars in terms of... Read More
HP announces earnings, plans to spend $15 billion to buy back shares Acquisitions Earnings reports Feature News 

HP announces earnings, plans to spend $15 billion to buy back shares

Facing an increasingly hostile takeover pitch from Xerox Holdings, HP Inc. used its quarterly earnings announcement to offer a “multi-year strategic and financial value creation plan” to deliver improved financial results by 2022. The cross-company plan will include billions in “sustained cost actions” and a $16 billion capital return program over three years. Under the plan, HP says it will... Read More
While Xerox courts HP shareholders, HP adopts poison pill Acquisitions News 

While Xerox courts HP shareholders, HP adopts poison pill

HP Inc. announced it would implement a poison pill plan to thwart the attempt by rival Xerox Holdings to acquire the maker of printers. Xerox recently raised its offer earlier this month by $2 to $24 per share, following a series of rejections of other buyout offers. Meanwhile, Reuters reported Xerox execs hosted a dinner in Greenwich Village for HP shareholders... Read More
Xerox names Mary McHugh executive vice president, chief delivery and supply chain officer People on the Move 

Xerox names Mary McHugh executive vice president, chief delivery and supply chain officer

Xerox Holdings Corp. appointed of Mary McHugh as executive vice president and chief delivery and supply chain officer. In her new role, she will report to Steve Bandrowczak, president and chief operations officer of Xerox. “Last year, we began working to implement a frictionless, high-velocity supply chain to increase flexibility and responsiveness and improve customer service,” said Bandrowczak. “By bringing... Read More
Xerox names Nicole Torraco as Senior Vice President, Chief Strategy and M&A officer Acquisitions People on the Move 

Xerox names Nicole Torraco as Senior Vice President, Chief Strategy and M&A officer

Xerox Holdings Corp. appointed Nicole Torraco as senior vice president and chief strategy and M&A officer. In this newly created role, she reports to John Visentin, vice chairman and CEO of Xerox, and serves as a corporate officer. “Nicole brings a rare combination of financial acumen and entrepreneurship, with an impressive record of identifying strategic opportunities that deliver value,” said... Read More
Xerox reports improved earnings on lower sales for 2019 Earnings reports 

Xerox reports improved earnings on lower sales for 2019

Xerox Holdings Corp. announced full-year 2019 revenue dropped 6.7 percent to $9.07 billion, but saved $640 million under the “Project Own It” cost-savings plan, which contributed to improved earnings and cash flow. “We are delivering on our three-year plan. We grew earnings per share, increased cash flow and expanded adjusted operating margin for the full year, and we improved our... Read More
Updated: Xerox to nominate up to 11 for HP board seats Acquisitions News 

Updated: Xerox to nominate up to 11 for HP board seats

Xerox Corp. will nominate as many as 11 directors to the HP Inc. board, according to the Wall Street Journal. as the company pushes its unsolicited $33.5B takeover offer. The current HP board consists of 12 members, including chairman Chip Bergh, CEO and managing director Enrique Lores, and former CEO Dion Weisler. In a statement, Xerox nominated the following as board... Read More
Fuji Xerox ends tech deal with Xerox, to change name to FUJIFILM Business Innovation Corp. News 

Fuji Xerox ends tech deal with Xerox, to change name to FUJIFILM Business Innovation Corp.

Bringing an end a business arrangement dating back to 1962, Fuji Xerox Co. Ltd. announced it won’t renew the technology agreement with Xerox Corp. on the agreement’s expiration date, March 31, 2021. The agreement provides for technology/brand licenses and sales territories applicable to each company, the company said. The product supply agreement with Xerox will continue to be effective despite... Read More
Updated: Xerox secures $24 billion financing for HP takeover bid, HP responses with shrug News 

Updated: Xerox secures $24 billion financing for HP takeover bid, HP responses with shrug

The leadership of Xerox Holdings Corp. on Jan. 6 sent a letter to the Board of Directors of HP Inc. confirming it has obtained $24 billion in binding financing commitments from Citi, Mizuho and Bank of America to complete its proposed merger with HP. HP has resisted overtures from Xerox. In response to the most recent letter, HP again rebuffed... Read More
Carl Icahn publishes letter blasting HP for “recalcitrance” in rejected Xerox offer Acquisitions News Opinion 

Carl Icahn publishes letter blasting HP for “recalcitrance” in rejected Xerox offer

Activist investor Carl Icahn posted an open letter to HP shareholders today, criticizing the HP Inc. board for rejecting Xerox Corp.‘s merger overtures. Icahn, who respectively owns about 10.85% of Xerox and 4.24% of HP, stated HP is going down the path forged by former foe Eastman Kodak Co., which is often criticized for wasting resources on a series of failed... Read More
Back at ya, HP! Xerox to take merger case to shareholders in hostile bid Acquisitions News 

Back at ya, HP! Xerox to take merger case to shareholders in hostile bid

Xerox Inc. management has responded bruskly to HP‘s rebuff of its offer to combine the two printing giants. Earlier this week, HP rejected Xerox’s advances, citing what it said were Xerox’s declining fortunes and it’s own perceived bright prospects. In response, Xerox vice-chairman and CEO John Visentin says the refusal to engage in the process “defies logic.” Specifically, Visentin rejects... Read More
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