John Visentin

Perhaps facing the "perfect storm" of a global pandemic outbreak; a U.S. stock market response to COVID-19 that has pummeled Xerox and HP stock prices; and Canon's announcement that it will sever business ties with HP if HP's merger with Xerox comes to fruition, Xerox finds itself in a precarious position.

As promised, on March 2 Xerox Holdings launched a $34.9 billion hostile takeover proxy bid to acquire HP Inc. for $24 per share , comprising $18.40 in cash and 0.149 Xerox shares for each HP share. The unsolicited "hostile takeover" offer and withdrawal rights are scheduled to expire on April 21, 2020.

Printing industry supplier Xerox will launch a tender offer on March 2 for all of the outstanding shares of HP stock at $24 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share. Xerox indicated it represents a 41% premium. Valued at $34B, it will not be subject to financing or due diligence.

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.

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.

GMG Americas signed an agreement with Access, headquartered in Toronto, to become a dealer of GMG products throughout Canada. The company's efforts will be focused on GMG's wide array of color management solutions as well as the PrintFactory workflow.