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Xerox abandons $35 billion hostile bid for HP – Source Reuters Tech News

(Reuters) – U.S. printer maker Xerox Holdings Corp (XRX.N) walked away from its $35 billion hostile cash-and-stock bid for HP Inc (HPQ.N) on Tuesday, after the coronavirus outbreak weighed on its campaign to take over the PC and printing equipment manufacturer.

FILE PHOTO: The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 11, 2019. REUTERS/Brendan McDermid – RC15DA6446E0/File Photo

Xerox’s decision came after it said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic.

It represents a victory for HP CEO Enrique Lores, who faced a takeover battle as soon as he took over the reins of the Palo Alto, California-based company in November, and a defeat for Xerox CEO John Visentin, a former Hewlett-Packard and IBM Corp executive with ties to the private equity industry who took over as Xerox CEO in 2018.

It is also a blow for billionaire investor…

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Source Reuters Tech News

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