Carl Icahn posted an open letter to HP shareholders Wednesday morning, trying to pressure the board of the computer and printer company to reverse its rejection of the $22-a-share bid for the company from Xerox. The activist investor is a substantial holder in both companies and sits on the Xerox board.

In the letter, Icahn attacks HP management’s “unreasonable refusal to engage in a customary mutual due diligence process”. He goes on to position the discussion as a matter of fiduciary responsibility and corporate democracy.

“Because I see no other plausible explanation for HP to refuse to engage in customary mutual due diligence, I am left to wonder whether this is simply a delay tactic aimed at attempting to preserve the lucrative positions of the CEO and members of the board, which they fear might be affected if a combination does take place,” he writes.

He also asserts that an HP/Xerox combination is so obvious that he shouldn’t have to be taking an activist position.  read the rest here

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