HP plans to repurchase $15 billion of its own shares over the next three years.
The Hewlett Packard logo is displayed in front of the office complex on October 04, 2019 in: HP announced Monday it will expand its share buyback program and return billions to shareholders in an attempt woo them and prevent Xerox from completing a successful hostile takeover of the company.
HP plans to return at least $16 billion to shareholders—half its current market capitalization—over the next three years, $15 billion of which will come from the company buying back its own shares. HP said it will repurchase $8 billion shares during the first 12 months after the company’s annual shareholder meeting this year.The buybacks are an attempt to convince shareholders that HP doesn't need Xerox, which is trying to replace HP’s entire board in a hostile takeover bid.Monday the company is open to merging with Xerox under different deal terms.
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