HP swats away Xerox’s latest acquisition overture

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.