HP keeps rejecting Xerox takeover bid

Xerox is taking a hostile approach by nominating 11 new directors to replace HP’s entire Board of Directors as the company seeks to push its $33.5 billion takeover offer for Hewlett Packard.  Xerox bought a small stake in HP in recently giving  Xerox the right to nominate directors at the HP’s annual meeting. 

HP raises concerns about Xerox declining sales

HP has called Xerox “a company of questionable value”. Xerox reported a 6.2% revenue drop for 2019 and a 2.2% decline in the last quarter. Xerox recorded sales of $9.07bn, down from the $9.66bn it achieved in 2018. Overall equipment sales fell by 2.1% to $616m. For 2020, Xerox said it expects to see a revenue decline of around 4%.  HP said the results “do not alleviate the fundamental concerns about the continued revenue declines and health of the Xerox business”.