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HP And Xerox’s Public Takeover Dance: Fighting Words And Love Letters

In an age of declining print, Xerox and HP have used a lot of it to explain why they love a deal that brings them together … and why they hate it.

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November 17

To: Visentin

From: HP CEO Enrique Lores, Bergh (pictured)

Subject: Let’s talk

Key graph: We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox. However, as we have previously shared in connection with our prior requests for diligence, we have fundamental questions that need to be addressed in our diligence of Xerox. We note the decline of Xerox’s revenue from $10.2 billion to $9.2 billion (on a trailing 12-month basis) since June 2018, which raises significant questions for us regarding the trajectory of your business and future prospects.

Take away: HP calls Xerox’s offer “unsolicited” and it is concerned that the company is losing ground. HP wants to see more of Xerox’s business before agreeing to a deal.

 
 
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