HP Inc. announced it will return $16 billion to shareholders in the form of buybacks and will boost cost cuts as it tries to rally investors against Xerox Holdings Corp.'s push for control of the world’s second-largest personal computer maker.

HP said it would increase share buybacks to $15 billion from a $5-billion program announced in October. This will result in adjusted profit of $3.25 to $3.65 a share in fiscal 2022, which is about $1 more a share than analysts’ projections. HP also said it would reach out to Xerox to explore a combination on its own terms, rather than succumbing to the printer maker’s hostile takeover effort. read the rest here

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