Xerox nominates 11 to replace HP board

HP
Credit: CC0 Public Domain

Xerox will nominate 11 people to replace HP's board, a company that it is targeting for a takeover.

In November, the computer and printer maker rejected a roughly $33.5 billion buyout offer from Xerox, saying that the deal would undervalue HP. HP said at the time that it remained open to exploring other options to combine with Xerox Holdings Corp.

Xerox indicated earlier this month that it's still interested in an HP deal, saying it had lined up $24 billion in binding financing commitments.

Xerox said Thursday that its 11 board nominees include former senior executives from companies including Aetna, United Airlines and Verizon.

In a statement, HP called the nominations "a self-serving tactic by Xerox to advance its proposal, that significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders."

The companies have struggled as the demand for printed documents and ink have waned, and both are cutting costs.


Explore further

HP rejects Xerox takeover offer again

© 2020 The Associated Press. All rights reserved.

Citation: Xerox nominates 11 to replace HP board (2020, January 23) retrieved 27 February 2020 from https://techxplore.com/news/2020-01-xerox-hp-board.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
4 shares

Feedback to editors

User comments