The executive leadership of HP Inc. has sent another rejection to Xerox Holdings Corp.’s continued attempts to forge an acquisition.
In a letter to Xerox CEO and Vice Chairman John Visentin, HP President and CEO Enrique Lores and board Chairman Chip Bergh acknowledged Visentin’s correspondence from earlier this week that insisted the Norwalk-headquartered company obtained $24 billion in financial commitments to fund a takeover, but added that HP has no interest in the transaction.
“We reiterate that the HP Board of Directors’ focus is on driving sustainable long-term value for HP shareholders,” Lores and Bergh wrote. “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 HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.”
Xerox did not immediately respond to HP’s latest rebuff.