Xerox Holdings Corp. has announced the suspension of its efforts to enact a hostile takeover of HP Inc. by citing health concerns related to the COVID-19 outbreak.
John Visentin, CEO and vice chairman of the Norwalk-headquartered company, released a statement that stressed how “needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP.”
Because of concerns linked to travel and public gatherings, Visentin is putting its acquisition efforts on indefinite hold.
“As we closely monitor reports from government and healthcare leaders across the globe and work with colleagues in the business community to minimize the spread and impact of the virus, we believe it is prudent to postpone releases of additional presentations, interviews with media and meetings with HP shareholders so we can focus our time and resources on protecting Xerox’s various stakeholders from the pandemic,” he said.
The company added that the recent stock market declines did not play a result in its decision.