HP reiterated on Sunday its rejection of Xerox Corp’s $33.5 billion cash-and-stock offer for the company, adding that the proposal “significantly undervalues HP.”
The personal computer maker said last Sunday it rebuffed Xerox’s offer, and that it was open to exploring its own bid for the US printer maker.
“We reiterate that we reject Xerox’s proposal as it significantly undervalues HP,” HP said in a letter to Xerox made public on Sunday.
“There continues to be uncertainty regarding Xerox’s ability to raise the cash portion of the proposed consideration and concerns regarding the prudence of the resulting outsized debt burden on the value of the combined company’s stock even if the financing were obtained,” the letter added.
HP also said it was concerned that Xerox’s exit from Fujifilm’s joint venture earlier this month left a “sizeable strategic hole in Xerox’s portfolio”.
Xerox threatened on Thursday to take its $33.5 billion buyout bid for HP hostile, if the company did not agree to a “friendly” discussion and open its books before Monday.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Regulators Set to Clear Microsoft’s $13B OpenAI Investment
Apr 17, 2024 by
CPI
Biden Pledges to Block US Steel Acquisition by Japanese Firm
Apr 17, 2024 by
CPI
Canada Targets Tech Titans with New Digital Tax in 2024
Apr 17, 2024 by
CPI
EU Privacy Watchdog Calls for Meta to Offer Ad-Free Option
Apr 17, 2024 by
CPI
Japan’s Antitrust Overhaul Targets Tech Titans Like Apple
Apr 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI