The PC giant has raised its profit forecast, bolstered by the surge of share repurchases as it fights to the printer maker’s hostile takeover
HP announced it will return $16bn to shareholders, primarily through buybacks, and boost cost cuts, trying to rally investors against Xerox for control of the world’s second-largest PC maker.
HP executives said supply-chain disruptions related to the coronavirus outbreak will cost the company about 8c a share in adjusted profit in the current quarter. HP doesn’t expect the Covid-19 virus to affect performance in the second half of 2020. Xerox has said it will launch a tender offer “on or around March 2” for HP shares valued at $24 in cash and stock. For each HP share, a holder would get $18.40 in cash and 0.149 Xerox shares. Connecticut-based Xerox has also started a proxy fight, nominating 11 candidates for HP’s board to help close the deal.
Xerox’s largest investor, activist Carl Icahn, has pushed for a tie-up in any form, as long as Xerox CEO John Visentin leads the combined company.
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