HP to review unsolicited exchange offer from Xerox
HP Inc. today confirmed that Xerox Holdings Corporation (“Xerox”) has commenced an unsolicited exchange offer to acquire all outstanding shares of HP common stock for consideration consisting of cash, Xerox common stock, or a combination thereof. The company said the HP Board of Directors (the “Board”) will, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, carefully review and evaluate the Offer to determine the course of action that the Board believes is in the best interests of the Company and all HP shareholders.
HP shareholders are advised to take no action at this time pending the Board’s review and evaluation of the Offer, the company added. HP intends to advise shareholders of the Board’s position regarding the Offer within ten business days by making a solicitation/recommendation statement available to shareholders.