HP rejects unsolicited exchange offer from Xerox

HP has announced that its Board of Directors, after consultation with its independent financial and legal advisors, has concluded that the unsolicited exchange offer from Xerox Holdings Corporation is not in the best interests of HP shareholders.

The HP Board unanimously recommends that HP shareholders reject the offer and NOT tender their HP shares pursuant to the Offer.

“Our message to HP shareholders is clear: the Xerox offer undervalues HP and disproportionately benefits Xerox shareholders at the expense of HP shareholders,” said Chip Bergh, Chair of HP’s Board of Directors (pictured). “The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardise the entire company.”

"At HP, we’re creating value, not risk,” said Enrique Lores, HP’s President and CEO. "HP is a trusted brand with a strong track record of value creation and we’re executing a clear plan that will drive significant earnings growth. We’re well positioned in our categories, aggressively attacking costs and pursuing the most value creating path for our shareholders."