Xerox ups HP offer

Xerox is pressing ahead with its HP takeover by launching a tender offer of US$24 per share for all outstanding common stock — that’s US$2 more than its original proposal — on March 2, 2020.

The tender offer comprises US$18.40 in cash and US$0.149 Xerox shares for each HP share and is not subjected to any conditions related to financing or due diligence.

In a statement, Xerox pointed out that it has met with many of HP’s largest stockholders who “consistently state that they want the enhanced returns, improved growth prospects and best-in-class human capital that will result from a combination of Xerox and HP”.

Xerox has also set up a website that provides more detail of the offer and the benefits of the takeover to both companies’ stockholders.

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