New York, New York, December 4, 2019 — Today, Carl C. Icahn released the following open letter to shareholders of HP Inc.
December 4, 2019
Dear Fellow HP Shareholders,
I beneficially own 23,456,087 common shares of Xerox Holdings Corporation, constituting approximately 10.85% of the outstanding shares, and 62,902,970 common shares of HP Inc., constituting approximately 4.24% of the outstanding shares. These holdings place me among the largest shareholders of each company and I, as well as many others, believe firmly in the industrial logic of combining these two great American businesses.
Amazingly, while HP’s board and management have also declared publicly that they recognize the potential benefits of consolidation, the only thing standing in the way of moving quickly toward a combination that could yield $2+ billion of cost synergies is HP’s board and management’s unreasonable refusal to engage in a customary mutual due diligence process. What is the downside of a mutual expedited due diligence process where there is so much to gain? 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....read the rest here