Xerox Holdings Corp. has announced that it will launch a tender offer for all of the outstanding shares of common stock of HP Inc. at a price of $24 per share, up from its previously proposed bid of $22 per share.
The Norwalk-headquartered company stated that the offer will be composed of $18.40 in cash and 0.149 Xerox shares for each HP share; about $34 billion total. The tender offer will not be subject to any conditions related to financing or due diligence. Xerox did not cite a specific date for this offer, noting in a press statement that “it would on or around March 2, 2020.”
Xerox initially announced its desire to acquire HP in November, but the Palo Alto, California-headquartered has repeatedly rejected Xerox’s overtures. Last month, Xerox opened a new front in its takeover bid with a plan to nominate 11 directors to the HP board.
Xerox CEO and Vice Chairman John Visentin insisted that the HP executive team was ignoring the will of its shareholders in snubbing Xerox’s offer.
“HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates,” Visentin said.