(RTTNews) - Xerox Holdings Corp. (XRX) dropped its $24 per share hostile bid to acquire HP Inc. (HPQ), citing the current global health crisis and economic uncertainty caused by the COVID-19 pandemic.
Xerox also said it will not seek to nominate its slate of candidates to HP Board.
Responding to the announcement, HP said it remains firmly committed to driving value for its shareholders. The company noted it has a healthy cash position and balance sheet.
HP has repeatedly rejected offers from Xerox, saying that they significantly undervalue the personal computer firm and were not in the best interests of its shareholders.
The most recent offer comprised of $18.40 in cash and 0.149 Xerox shares for each HP share. The previous offer of $22.00 per share, made last November, was originally $17.00 in cash per share and 0.137 shares of Xerox.
"The refusal of HP's Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction," Xerox said.
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