Xerox Holdings Corp. is pulling the plug on its hostile bid to buy larger rival HP Inc. after the coronavirus pandemic undermined the copier maker's ability to pull off the debt-laden merger.
Xerox plans to end both its more than $30 billion tender offer and a proxy fight to replace the printer and PC maker's board, people familiar with the matter said. Xerox has concluded it is no longer prudent to pursue the deal given the public health crisis and resulting market swoon, the people said.
The move puts the kibosh on one of the biggest mergers in the works and underscores the blow that the coronavirus has dealt to the world of deal-making. read the rest here