The two companies are at odds over a proposed takeover bid.
to Xerox that its proposal “significantly undervalues HP,” as well as criticizing the company for using “aggressive” tactics to pursue the deal after being spurned twice.on Tuesday, saying that it will go directly to HP shareholders to present its case for a buyout, as HP’s stance on the merger “defies logic.”
“We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity,” Xerox CEO John Visentin wrote in theIf HP shareholders end up supporting Xerox’s proposed takeover bid, they could take action to pressure management: Although they can’t directly overrule them, they can try to call a general meeting, attempt to replace board members or possibly even take legal action.
to HP board members. “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.”Xerox offered to spend $22 per share, or $33.5 billion, to acquire HP earlier this month, making a case for a merger that it said would save both companies $2 billion in costs over the next two years.
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