HP Rejects $33 Billion Takeover Bid from Xerox
HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker.
For seniors and their caregivers, VR and AI can make life easier, safer and more fun. The revolutionary ways technology will change our later years. https://t.co/89QZDAce3t pic.twitter.com/l8IRDzsY3r
— HP (@HP) November 15, 2019
But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines.
“We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox,” HP said in a statement.
But the company’s board members have “fundamental questions that need to be addressed” first, it added.
It said, for instance, that Xerox’s revenue dropped from $10.2 billion to $9.2 billion since June 2018.
And HP is three times more valuable than Xerox with a $27 billion market value.
Hewlett-Packard was one of the first Silicon Valle giants.
In 2015, it spun off its enterprise products and services business and held onto the PC and printer businesses.
It was renamed HP Inc.
Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines, so much so that in the United States, its name became a verb meaning to make a photocopy.
Related Articles
Inquirer.net will receive a commission on purchases made*
Want stories like this delivered straight to your inbox? Stay informed. Stay ahead. Subscribe to InqMORNING