Xerox withdraws from HP acquisition

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• Xerox withdraws from HP acquisition

Following the macroeconomic and market crisis caused by the coronavirus epidemic, Xerox has announced that it will no longer seek the acquisition of HP Inc. The Connecticut-based company first revealed that it plans to buy its fellow printing giant in November of the year. past. However, after HP rejected its first offer to buy the company, Xerox decided to follow through with a hostile bid by presenting its offer directly to its rival's shareholders. HP recently delivered a scathing letter to its shareholders criticizing Xerox's decision to continue its hostile takeover in the context of the current global crisis. Now, however, it appears that Xerox has changed its mind regarding the acquisition.

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In addition to withdrawing its offer, Xerox also revealed that it will no longer seek to nominate its chosen candidates for HP's board of directors. In a press release, the company said it has now focused on protecting its employees during the global crisis, saying: "While it is disappointing to take this step, we prioritize the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, beyond all other considerations." While Xerox has officially announced that it will not continue its acquisition of HP, the company could try to do so again in the future once things return to normal.