REUTERS: Xerox Holdings Corp decided on Tuesday (Mar 31) to abandon its US$35 billion hostile cash-and-stock bid for HP Inc after the coronavirus ...
REUTERS: Xerox Holdings Corp decided on Tuesday to abandon its US$35 billion hostile cash-and-stock bid for HP Inc after the coronavirus outbreak put the brakes on its takeover campaign, according to people familiar with the matter.
The decision came after Xerox said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic. It is a blow to billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger.Xerox's board concluded that pursuing the takeover without having access to HP's books, so that it could assess the impact of the coronavirus pandemic on HP's business, would be too risky, the sources said.
Xerox was set to challenge HP's board at the latter's annual meeting of shareholders in May, but will now abandon this effort as well as its tender offer for HP's shares, the sources added, requesting anonymity ahead of an official announcement. The Wall Street Journal first reported on Xerox's decision. Xerox and HP did not immediately respond to requests for comment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus: Healthy rabbits abandoned amid fearsSINGAPORE - After a quiet quarter last year, the House Rabbit Society Singapore saw three cases of rabbits being abandoned near the void decks of Housing Board flats last month.. Read more at straitstimes.com.
Read more »
Major airlines urge US Treasury to disburse assistance quicklyMajor U.S. airlines asked the U.S. Treasury to move quickly to release up to US$58 billion in government grants and loans and recommended a ...
Read more »
US crude drops below US$20 a barrel as broken market drowns in oilSYDNEY (BLOOMBERG) - Crude dropped to its lowest in 17 years on Monday (March 30) as coronavirus lockdowns cascaded through the world's largest economies, leaving the market overwhelmed by cratering demand and an unmanageable surplus.. Read more at straitstimes.com.
Read more »
Badminton duo adamant Olympics delay won't derail record-breaking bidThe postponement of the Tokyo Olympics has dampened the hopes of Indonesia's Mohammad Ahsan and Hendra Setiawan of becoming the sport's oldest ...
Read more »
Prince Harry and wife Meghan officially bid farewell to royal rolesLONDON (REUTERS) - Prince Harry and his American wife Meghan posted their last message as working members of Britain's royal family on Monday (March 30) before officially embarking on new careers without their 'Royal Highness' styles.. Read more at straitstimes.com.
Read more »
US stimulus package is biggest ever, but may not be big enoughThe Federal Reserve has offered more than US$3 trillion in loans and asset purchases in recent weeks to stop the U.S. financial system from ...
Read more »