Xerox Plans to Take HP Buyout Bid Directly to Shareholders

Xerox Plans to Take HP Buyout Bid Directly to Shareholders

Business
HP has said that under Xerox's proposed terms, the combined company would be saddled with "outsized debt". Xerox said on Tuesday it was planning to take its $33.5 billion (roughly Rs. 2,40,000 crores) buyout bid directly to HP shareholders after the personal computer maker refused to open its books for due diligence before a deadline. HP on Sunday rejected Xerox's $22 (roughly Rs. 1,570) per share offer that consists of $17 in cash and 0.137 Xerox share for each HP share, saying the offer "significantly undervalues HP". The computer maker also accused Xerox of using aggressive words and actions to force a potential combination on opportunistic terms and without providing adequate information. "We plan to engage directly with¬†HP¬†shareholders to solicit their support in urging the HP Board to do the…
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