Xerox claims its $33.5 billion acquisition offer amounts to an implied value of $31 per share to HP shareholders, and says HP shareholders would own about 48% of the combined company. But HP's board of directors contends the offer is not high enough to bring HP to the bargaining table for due diligence discussions.
Mark Michelson
Xerox Holdings sent a letter to the Board of Directors of HP Inc. and issued a press release Jan. 6, confirming that it has obtained $24 billion in binding financing commitments from Citi, Mizuho, and Bank of America to complete its proposed $33.5 billion cash-and-stock offer to acquire HP Inc.
Printing Impressions' annual compilation of the 400 largest printing companies, as ranked by annual sales volume, serves as a microcosm of the key trends and market dynamics that are impacting the graphic arts industry.
The suit alleges that Icahn knew Xerox was contemplating an unsolicited $33.5 billion stock-and-cash offer to acquire HP at a premium.
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.
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.
