The Xerox offer undervalues HP and disproportionately benefits Xerox shareholders, Chip Bergh, chair of HP’s board of directors, said. It would leave HP shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and unrealistic, unachievable synergies.
Chip Bergh
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
HP Inc.'s board of directors didn't wait until the Nov. 25 5 pm EST deadline imposed by Xerox, whereby Xerox threatened to bypass HP's board and mount a hostile takeover bid proxy targeting HP shareholders directly to endorse Xerox's $33.5 billion cash-and-stock ($22 per share, including $17 in cash) acquisition offer.
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