Xerox said Tuesday it would take its hostile takeover offer for HP to shareholders after the computer and printer maker rejected the $33 billion offer.

The copy machine pioneer said it would make its case to shareholders because the HP board "continues to obfuscate and make misleading statements" about the proposed tie-up.

"The potential benefits of a combination between HP and Xerox are self-evident," Xerox chief executive John Visentin said in a letter to HP's board.

"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."

The move sets up a proxy fight for control of HP, a storied Silicon Valley firm that traces its history back to its founding in 1939 by Bill Hewlett and Dave Packard.

Visentin said HP's "refusal to engage in mutual due diligence with Xerox defies logic."

He added that Xerox has made "a compelling proposal -- one that would allow HP shareholders to both realize immediate cash value and enjoy equal participation in the substantial upside expected to result from a combination."

HP on Sunday reiterated its rejection of a tie-up, saying the Xerox offer "significantly undervalues" the company.

The HP board of directors said in a letter the offer is clouded by "uncertainty regarding Xerox's ability to raise the cash portion of the proposed consideration."

The current HP was created by the 2016 breakup of Hewlett-Packard, leaving the HP consumer division making printers and PCs, spinning off HP Enterprise for cloud computing and servers.

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

US authorizes 'several' firms to sell to Huawei amid sanctions
Washington (AFP) Nov 20, 2019
US officials said Wednesday they have agreed to grant licenses to "several" firms to provide components to Chinese tech giant Huawei, which faces sanctions imposed over national security concerns. A Commerce Department spokesman said the agency had granted "narrow licenses to authorize limited and specific activities which do not pose a significant risk to the national security or foreign policy interests of the United States." The administration earlier this week said it had extended for anothe ... read more