Xerox launches proxy bid

Xerox has formally launched a $34.9 billion hostile bid to acquire all outstanding shares of HP for $24 per share

The deal which is $2 per share increase above its initial offer, comprises $18.40 in cash and 0.149 Xerox shares for each HP share.

Targeted directly at HP shareholders, the unsolicited “hostile takeover” offer and withdrawal rights are scheduled to expire at 5 p.m. ET on April 21, 2020, unless it is extended.

Xerox CEO John Visentin said: “Our proposal offers progress over entrenchment” the proxy offer, which will be sent directly to HP shareholders.

“HP shareholders will receive $27.33 billion in immediate, upfront cash while retaining significant, long-term upside through equity ownership in a combined company with greater free cash flow to invest in growth and return to shareholders.”

Xerox created a website,, to help make its case about the benefits of the transaction.

Xerox also turned up the heat in January by announcing that it nominated a slate of 11 independent candidates to replace HP’s entire board of directors, which will be voted on by HP shareholders at HP’s upcoming 2020 annual shareholder meeting. In addition, it has been courting and meeting with large HP shareholders to endorse the deal.