HP confirms Xerox bid, remains open to offers

HP confirms Xerox bid, remains open to offers

Potential industry-defining merger could become a reality

Credit: Dreamstime

HP has confirmed receiving a takeover bid from Xerox, believed to be in the range of US$33 billion, as an industry-defining merger moves one step closer.

Following widespread media speculation, the technology giant acknowledged the offer and refused to rule out the coming together of two market rivals, which would create a PC and printing juggernaut if passed.

In a statement to media, HP said the business has had conversations with Xerox “from time to time” about a potential business combination.

“We have considered, among other things, what would be required to merit a transaction,” the statement read. “Most recently, we received a proposal transmitted yesterday [Wednesday].

“We have great confidence in our multi-year strategy and our ability to position the company for continued success in an evolving industry, particularly given the multiple levers available to drive value creation.”

As reported by PC World, the deal is centred around the logic of combining HP and Xerox to streamline both businesses and take costs out of the equation.

HP also laid out a restructuring plan that would reduce gross global headcount by approximately 7,000-9,000 employees through a combination of employee exits and voluntary early retirement, revealed to the market October.

“We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders,” a statement from HP added.

Meanwhile in August, Dion Weisler unveiled plans to exit as CEO of HP, returning home to Australia due to a “family health matter”.

The global leader was succeeded by Enrique Lores, “unanimously appointed” from his position of president of HP's Imaging, Printing and Solutions business, effective November 1.

Weisler is now working with Lores to ensure a “seamless transition” and will remain at the company until January 2020, while continuing to serve on HP’s board of directors until the next annual meeting of stockholders.

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