1 April 2020
Xerox Kills $34 Billion HP takeover
ROCHESTER . NEW YORK—
HP's Canadian head office in Mississauga
HP's Canadian head office in Mississauga
 Xerox announced  that it would be dropping its hostile takeover bid of HP. The war began last fall with  increasingly angry letters between the two companies, and confrontational actions from Xerox, including an attempt to take over the HP board that had rejected its takeover overtures.
Xerox CEO tried to take over much larger HP
Xerox CEO tried to take over much larger HP
In a statement issued on 31 March, Xerox said that the macroeconomic and market turmoil caused by Covid-19 had “created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc”.Xerox is withdrawing the tender offer made to HP shareholders and will also withdraw its slate of board director nominations that would have been put forward at HP’s upcoming AGM. The bid never made a lot of sense. Xerox is a much smaller company, with a market cap of around $4 billion compared with HP with a market cap of almost $25 billion. It was truly a case of the canary trying to eat the cat.
 
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