Points
- Xerox CEO John Visentin wrote a letter to HP’s directors asking that they reconsider the company’s takeover bid before the board brings its case to HP shareholders directly.
- HP’s board unanimously rejected Xerox’s bid to acquire the company over the weekend.
- The HP board argued the deal undervalued the company and was not in the best interest of shareholders.
Xerox’s board of directors threatened to go to HP’s shareholders if the company does not reconsider its acquisition bid, Xerox said in a letter to HP directors Thursday.
In the letter, Xerox Vice Chairman and CEO John Visentin said his board “is determined to expeditiously pursue our proposed acquisition of HP to completion — we see no cause for further delay. Accordingly, unless you and we agree on mutual confirmatory due diligence to support a friendly combination by 5:00 p.m. EST on Monday, November 25, 2019, Xerox will take its compelling case to create superior value for our respective shareholders directly to your shareholders.” read the rest here