NEW YORK – Xerox said Tuesday it would take its hostile takeover offer for HP to shareholders after the computer and printer maker rejected the $33 billion offer.
The copy machine pioneer said it would make its case to shareholders because the HP board “continues to obfuscate and make misleading statements” about the proposed tie-up.
“The potential benefits of a combination between HP and Xerox are self-evident,” Xerox chief executive John Visentin said in a letter to HP’s board.
“Together, we could create an industry leader — with enhanced scale and best-in-class offerings across a complete product portfolio — that will be positioned to invest more in innovation and generate greater returns for shareholders.”
The move sets up a proxy fight for control of HP, a storied Silicon Valley firm that traces its history back to its founding in 1939 by Bill Hewlett and Dave Packard.
Visentin said HP’s “refusal to engage in mutual due diligence with Xerox defies logic.” read the rest here