HP keeping shtum on latest Xerox bid

HP is making no comment on Xerox’s new sweeter fresher merger offer until after it has revealed its first quarter results later this month.

Xerox upped its initial offer of $22 per share made in November to $24 per share in the hope of swinging more shareholders on its side.

Normally the maker of very expensive printer ink has rushed to its PR department to respond to¬† Xerox’s continued efforts to take control, but this time it mostly refused to comment.

“HP wants its shareholders to have full information on the company’s earnings and the value inherent in the company before responding to Xerox’s 10 February press release”, it said in a statement.

“At that time, when out of its quiet period, HP will share additional information about its plan to drive sustainable long-term value for its shareholders, including through the execution of the Company’s multi-year strategic and financial plan and the deployment of its strong balance sheet”, it said.

The last financial quarter, ending 31 October 2019, were rubbish for the company as HP reported wafer-thin revenue growth of 0.3 percent year on year, with its PC division growing by four percent.

Soon after, Xerox launched a takeover bid priced at $34 billion.