Xerox raises takeover offer for HP

This post was originally published on this site
© Reuters. Xerox raises takeover offer for HP© Reuters. Xerox raises takeover offer for HP

(Reuters) – Xerox (NYSE:) Holdings Corp raised its offer to buy HP Inc (NYSE:) to $24 per share from $22 per share on Monday, following several rejections of its previous buyout offer by the PC maker.

The latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share, valuing the company at about $35 billion.

The U.S. printer maker first made a $33.5 billion cash-and-stock offer for HP, a company more than three times its size, in November. HP’s board had then rejected the offer, saying it significantly undervalued the company.

Shares of HP, which did not immediately respond to a request for comment, were up more than 5% at $22.86 in trading before the bell.

Xerox said last month it plans to nominate 11 independent candidates to HP’s board and that it had secured $24 billion in financing for the offer.

In December, activist investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox, also urged HP shareholders who agreed to the merger to reach out to the PC maker’s directors for immediate action.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment