Xerox said today that it would continue to pursue its acquisition of HP, despite the latter implementing a poison pill shareholder rights plan to shield against another takeover attempt by skleb1234
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After months of increasingly strained—and officially hostile—merger negotiations between the two printing companies, Xerox said on Friday that it would continue to pursue its acquisition of HP, despite the latter implementing a poison pill shareholder rights plan to shield against another takeover attempt.
On Thursday, HP adopted a shareholder rights plan to slow Xerox’s hostile takeover bid, criticizing the printer maker for its “aggressive and rushed tactics” ahead of a proxy battle later this year where Xerox is trying toThe so-called “poison pill plan” will last for a year, complicating Xerox’s takeover of HP by aiming to stop investors from amassing more than a 20% stake in the company—if any group does so, other shareholders will be able to buy additional discounted shares, as well as boost...
While the shareholder rights plan won’t explicitly block a merger or takeover, it should encourage Xerox to “negotiate with the Board prior to attempting to impose some combination that is not in the best interests of the HP shareholders,” HP said in its statement. In response to Xerox’s latest $34 billion takeover offer, HP is also outlining a plan—to be released on February 24, 2020, when the company reports earnings—for self-improvement and cost savings, in an effort to court shareholders with newly planned buybacks and dividends,Not to be outdone, Xerox fired back on Friday: “The HP board clearly adopted a poison pill because our offer is receiving overwhelming support from their shareholders,” a spokesperson told“Regardless of what the company and...
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