Xerox abandons its US$35 billion hostile bid for HP because of uncertainty due to the coronavirus pandemic. YahooFinance
- U.S. printer maker Xerox Holdings Corp walked away from its $35 billion hostile cash-and-stock bid for HP Inc on Tuesday, after the coronavirus outbreak weighed on its campaign to take over the PC and printing equipment manufacturer.
It is also a blow for billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger. Xerox added that there were compelling long-term financial and strategic benefits in a potential combination with HP. While it is possible that the companies will choose to engage once the coronavirus crisis subsides, Xerox's decision means that it will not get another chance to put such pressure on HP until its next annual shareholder meeting in spring 2021.
The market rout triggered by the global coronavirus outbreak has led many companies to hit the pause button on mergers and acquisitions, sabotaging the hopes of corporate advisers who expected a dealmaking bonanza this year. Nevertheless, HP had been reluctant to engage in deal discussions with Xerox since November, when the latter launched its takeover campaign after reaching a settlement with Fujifilm Holdings Corp that resolved a legal dispute over their 57-year-old joint venture and a previous attempt to merge, yielding a $2.3 billion after-tax payoff for Xerox.
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