Activist investor Carl Icahn implored HP shareholders to pressure HP's board to expedite a mutual due diligence process and accept Xerox's $33.5 billion cash-and-stock acquisition offer. Meanwhile, Xerox CEO John Visentin is meeting with key HP shareholders to present Xerox's case.
Mark Michelson
In a public letter issued on November 24, HP rebuked Xerox's threat of a hostile takeover, stating the proposal undervalued HP, along with addressing other concerns. Now, Xerox has responded, stating it still intends to mount a hostile bid attempt, while addressing what it claims to be misleading information in HP's letter.
HP’s board was lukewarm to Xerox’s offer and raised several concerns. Now Xerox has given HP a deadline before pursuing a hostile bid.
Activist investor Carl Icahn — who already owns a 10.6% controlling stake in Xerox — has acquired a 4.24% ($1.2B) stake in HP Inc.
Xerox is mulling over a $27 billion (or higher) cash-and-stock offer to acquire HP Inc., a fellow digital printing equipment and supplies provider with a market value more than three times its own.
Fujifilm and Xerox have settled their differences and reached a definitive agreement regarding the Fuji Xerox joint venture.
Printing industry giant Quad reported a third quarter net loss; cut its quarterly dividend in half; lowered its full-year guidance; announced an additional $50 million cost reduction initiative; and revealed plans to sell its U.S. book manufacturing platform, which generates $200 million in annual book printing sales.
The restructuring plan over three years will reduce its global headcount of about 55,000 employees by 7,000-9,000 workers (13% to 16%).
The SEC announced Commercial printing giant Quad has agreed to pay nearly $10 million to resolve charges that it violated the Foreign Corrupt Practice Act (FCPA) by engaging in multiple bribery schemes in Peru and China, as well as for transactions with a state-controlled Cuban telecommunications company.
“I’m about as energized as I’ve ever been. I’ve had about a year of bottled up energy, so I’m ready to unleash,” Jeff Jacobson said in a 1:1 phone interview yesterday with In-plant Impressions' sister brand Printing Impressions.
Quad and LSC decided that the added delay, uncertainty, and legal costs would have eroded many of the expected benefits of the merger.
What had been a smaller, focused event for Ricoh's continuous-feed inkjet press user base, INTERACT 2019 marked the second year that the user conference was expanded to include Ricoh cut-sheet digital toner, wide-format printing, and software customers.
The Coalition for a 21st Century Postal Service, which represents the printing and mailing industries, wants Congress to retain the 2006 Postal Accountability and Enhancement Act that determines and sets price caps on the Postal Regulatory Commission’s rate-setting process for the U.S Postal Service.
Capable of printing 3,600 sheets/hr., Fujifilm is heralding it as the fastest full-color, B2-format inkjet press currently available.
The German antitrust authority struck down a proposed deal that would have had Heidelberg taking over MBO Group.
