Skip to main content

HP had said in November it was open to exploring a bid for Xerox.

Elise Amendola/The Associated Press

HP Inc said on Wednesday that Xerox Holdings Corp securing financing for its US$33.5-billion takeover offer for the personal computer maker is not a basis for a discussion and reiterated that the proposal still undervalues the company.

The U.S.-based printer maker had said on Monday it secured US$24 billion in financing for the proposal, a deal that HP is opposing.

“Your letter dated January 6, 2020 regarding financing does not address the key issue – that Xerox’s proposal significantly undervalues HP – and is not a basis for discussion,” the company said in a letter to Xerox on Wednesday.

Story continues below advertisement

Xerox had offered HP shareholders US$22 per share, involving $17 in cash and 0.137 Xerox share for each HP share, according to a Nov. 5, 2019 letter.

HP had said in November it was open to exploring a bid for Xerox, stating that it recognizes the potential benefits of consolidation.

Billionaire investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox, and has been pushing for a merger, was not immediately available for comment.

Xerox was also not immediately available to comment on the letter.

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies