18 March 2020
Xerox halts HP takeover bid as COVID-19 escalates
NORWALK, CONN—
With the drop in stock prices,  the Xerox HP numbers are out of sink
With the drop in stock prices, the Xerox HP numbers are out of sink
Xerox has postponed activity relating to its hostile takeover bid of HP in light of the escalating coronavirus pandemic.Xerox added it does not consider the market decline since the date of its offer or the temporary suspension of trading in HP shares that occurred on 10 and 12 March as a result of market-wide circuit breakers procedures to constitute a failure of any condition to its offer to acquire HP.
Xerox offer has been overshadowed by Covid-19
Xerox offer has been overshadowed by Covid-19
For months, Xerox and HP have been playing a cat-and-mouse game, with Xerox aggressively pushing for a takeover, which the HP board has been reluctant to accept. HP has rejected the bids three times. Xerox is not giving up as yet on its quest to take control of HP.
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