Mark Michelson

Mark Michelson

Mark Michelson is the Editor-in-Chief of Printing ImpressionsServing in this role since 1985, Michelson is an award-winning journalist and member of several industry honor societies. Reader feedback is always encouraged. Email mmichelson@napco.com

HP Board Response to Xerox $24B Financing: Proposal Significantly Undervalues HP

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.

Xerox Secures $24B in Financing Commitments for Proposed HP Acquisition

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.

Who Are the Largest Commercial Printers?

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.

HP Shareholders Urged to Pursue Xerox Offer

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.

UPDATE: Xerox Confirms It Will Launch Hostile Bid Attempt After HP Board Rejects Offer

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.

Quad to Sell $200M Book Printing Platform Amidst Gloomy Q3 Report

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.

HP to Restructure, Slash Workforce

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%).