Xerox raises its offer to buy HP by $2 to $24 per share following several rejections of its previous buyout offer by the PC maker
The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange in New York, US, March 11, 2019.
Xerox said its latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share — valuing the company at about $35 billion — and that it plans to launch a tender offer on or around March 2.The US 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.
Xerox said last month it planned to nominate 11 independent candidates to HP’s board and that it had secured $24 billion in financing for the offer. Some Wall Street analysts have said a merger would help the companies in a declining printing market, while others have cited challenges to integration, given their different offerings and pricing models.
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