On Feb. 20, the HP board of directors adopted a Shareholder Rights Plan ("Poison Pill") to thwart Xerox's planned hostile proxy bid to acquire all of the outstanding shares of HP stock on March 2 for $34.9 billion. In another defensive move, HP announced it will buy back $15 billion worth of outstanding HP shares.
Carl Icahn
Mark Michelson is the Editor-in-Chief of Printing Impressions. Serving in this role since 1985, Michelson is an award-winning journalist and member of several industry honor societies. Reader feedback is always encouraged. Email mmichelson@napco.com
Xerox claims its $33.5 billion acquisition offer amounts to an implied value of $31 per share to HP shareholders, and says HP shareholders would own about 48% of the combined company. But HP's board of directors contends the offer is not high enough to bring HP to the bargaining table for due diligence discussions.
Carl Icahn calls HP's previously announced standalone restructuring plan as amounting "to little more than rearranging the deck chairs on the Titanic." Icahn implores HP shareholders to pressure HP's board to expedite a mutual due diligence process and accept Xerox's $33.5 billion cash-and-stock acquisition offer.
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