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Being familiar with HP and Xerox I have to say this is the best analysis I have seen for long time.As President and Principal Analyst of the Enderle Group, Rob provides regional and global companies with guidance in how to create credible dialogue with the market, target customer needs, create new business opportunities, anticipate technology changes, select vendors and products, and practice zero dollar marketing.
Frankly, Carl Ichan just has massive pull with Citibank to even get that initial commitment, but once the risk became extreme, even they were unlikely to remain on board.This isn’t to say that once the market recovers, Carl and Xerox might not be back, but I have doubts Xerox will last that long. "The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc.," Xerox said in a late-Tuesday press release.
As promised, on March 2 Xerox Holdings launched a $34.9 billion hostile takeover proxy bid to acquire HP Inc. for $24 per share , comprising $18.40 in cash and 0.149 Xerox shares for each HP share. Paying too much for an asset would open the HP board up to dangerous litigation from HP’s shareholders, and Ichan, being an experienced corporate raider, would have known this.But, once the market collapsed, getting lenders for that additional $2B likely became impossible, and the existing committed lenders probably wanted out as well. HP is a Silicon Valley icon, and the executive team is mostly long-time HP employees with deep company loyalty. Xerox Holdings Corporation XRX yesterday launched a hostile takeover attempt with a $24-a-share tender offer to acquire all outstanding shares of HP HPQ.The offer comprises $18.4 in … Let me remind you that HP's market cap was 6.3 times Xerox's on Tuesday.Stock Advisor launched in February of 2002.
This lack of diligence also speaks to why I think the effort wasn’t sincere because I don’t know how you justify the collateral on a deal like this. Where the two markets intersect, you'll find his wheelhouse. The damage done to the company is too pronounced, and while it does have the cash to keep the doors open, divesting the assets and distributing the money may make more sense given the buying opportunities currently in the market.Impressive piece of work.
And $24 billion of financial commitments from a consortium of banks will not be needed now, though Xerox may come knocking again with a different buyout target in mind. Xerox will attempt hostile takeover of HP's board of directors. Xerox Gives Up: The $35 Billion Hostile Takeover Bid for HP Is Dead The star-crossed buyout offer has been canceled, allowing both companies to refocus on responding to … For over 20 years Rob has worked for and with companies like Microsoft, HP, IBM, Dell, Toshiba, Gateway, Sony, USAA, Texas Instruments, AMD, Intel, Credit Suisse First Boston, ROLM, and Siemens. We offer in-depth reporting and long-form feature stories, as well as breaking news coverage, product reviews, and community content in plain English terms, and with a unique perspective on technology.Xerox did appear to make some progress in this regard, but rather than folding, the HP team, implemented a poison pill and changed up their board makeup to make the takeover attempt more difficult. Image source: Getty Images.Hypoallergenic. We’ll see, but, for now, HP is again safe.TechSpective covers technology trends and breaking news in a meaningful way that brings value to the story, and provides you with information that is relevant to you. Returns as of 07/30/2020.
techspective.net/2020/03/20/xerox-hostile-takeover-of-hp-inc-hits-a-wall When news of Xerox's takeover plan was first announced, it was expected to be worth about $33.2 billion, making it the sixth-biggest tech M&A deal in history, just behind Hewlett-Packard …
The company expressed no regrets about dodging Xerox's takeover bid.The board of directors has made it clear that mergers and acquisitions have become a major driver of Xerox's growth plans, and the company clearly isn't afraid to chase some very large prey. Jim Cramer weighs in on HP turning down Xerox's takeover bid. (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 … "HP was quick to issue a response. www.reuters.com/article/us-hp-m-a-xerox-hlngs-idUSKBN21I3C0 Xerox Holdings Corp. XRX, -2.88% has dropped its five-month hostile bid to acquire larger rival HP Inc. HPQ, +0.57% because the COVID-19 health … Xerox ends its hostile takeover bid for HP Video at CNBC.com (Mar 31, 2020) HP adopts 'poison pill' to fend off Xerox's takeover attempt Video at CNBC.com (Feb 21, 2020)