|Bid||16.85 x 800|
|Ask||16.86 x 1000|
|Day's range||16.66 - 18.83|
|52-week range||15.01 - 39.47|
|Beta (5Y monthly)||1.72|
|PE ratio (TTM)||2.91|
|Earnings date||21-Apr-2020 - 26-Apr-2020|
|Forward dividend & yield||1.00 (5.41%)|
|1y target est||36.33|
HP still playing hard to get. The maker of printers and personal computers on Thursday once again rejected Xerox's sweetened takeover offer. Xerox had upped its bid last month by $2 to $24 a share, valuing HP at about $35 billion. HP said the offer would disproportionately benefit Xerox shareholders. It again accused Xerox of lowballing the company's true worth. It said Xerox's offer would SADDLE the combined company with what it called an "irresponsible level of debt" and "require unrealistic, unachievable synergies." Following the most TAKEOVER bid, HP said it would adopt a poison pill DEFENSE that would stop investors SEEKING A MERGER from amassing CONTROL OF MORE than 20% OF THE company. Xerox, a maker of LARGE printers and copiers, did not immediately respond to a request for comment. It all started back in November when Xerox first offered to buy HP for $33.5 billion. HP then rejected the bid, saying it significantly undervalued the company. HP is three times bigger than Xerox. Xerox shares fell more than 4% in early trading amid a broad market sell-off. HP shed about 1%.
Xerox’s attempt to buy rival US printer maker HP was never going to be easy. Coronavirus made the highly leveraged $31bn hostile offer impossible. On Tuesday, Xerox pressed the “cancel” button on a five-month pursuit.
Xerox's decision came after it said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic. It represents a victory for HP CEO Enrique Lores, who faced a takeover battle as soon as he took over the reins of the Palo Alto, California-based company in November, and a defeat for Xerox CEO John Visentin, a former Hewlett-Packard and IBM Corp executive with ties to the private equity industry who took over as Xerox CEO in 2018. It is also a blow for billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger.
Xerox is withdrawing tender offer to acquire HP and will no longer seek to nominate slate of highly qualified candidates to HP’s Board of Directors.
Investing.com - Xerox will reportedly pull its bid to buy rival HP amid concerns about its financial ability to pull off the deal in the wake of the coronavirus-led economic disruptions.
HP CEO Enrique Lores tells Yahoo Finance demand for PCs and printers have been strong as people work from home during the coronavirus pandemic.
Xerox's (XRX) bottom line is benefiting from "Project Own It," an initiative aimed at increasing productivity and efficiency, reducing costs, and realigning business to changing market conditions.
The U.S. printer maker added that it does not consider the decline in HP shares since the date of its offer as a broader sell-off could affect its bid. "We believe it is prudent to postpone releases of additional presentations, interviews with media and meetings with HP shareholders so we can focus our time and resources on protecting Xerox's various stakeholders from the pandemic," Xerox's Chief Executive Officer John Visentin said in a statement on Friday. Earlier this month, HP rejected Xerox's raised takeover bid of about $35 billion (27.8 billion pounds), saying it undervalued the personal computer maker.
In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates.
Xerox Holdings Corporation announced that it is filing a preliminary proxy statement with the SEC to seek approvals from its shareholders.
HP's (HPQ) board unanimously rejects another hostile takeover bid from Xerox (XRX), claiming the offer to be undervalued for the world's leading personal system maker.
Xerox Holdings Corporation announced that it is filing a preliminary proxy statement with the SEC to replace the board of directors of HP Inc.
Chip Bergh, chair of HP's board, said the offer would leave shareholders with an investment in a combined company that is burdened with an irresponsible level of debt. Xerox decided https://www.reuters.com/article/us-xerox-fujifilm/xerox-exits-fujifilm-venture-with-2-3-billion-stake-sale-to-japan-partner-idUSKBN1XF0NB to sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings, for $2.3 billion in November last year, following investor activism that scuppered a deal between the two companies.
U.S. printer maker Xerox Holdings Corp took its $35 billion bid for HP Inc to the U.S. personal computer maker's shareholders on Monday, with a formal tender offer and a rebuttal to HP's account of why they could not negotiate a deal. HP adopted a "poison pill" last month to neutralize Xerox's tender offer. Unless the companies can reach a compromise, it will be Xerox's bid to replace HP's board of directors at the latter's annual shareholder meeting in the next few weeks, rather than the tender offer, that will determine the outcome of the takeover battle.