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HP: Xerox says it could turn hostile

(CercleFinance.com) - Xerox will take its offer on HP "directly to shareholders" if due diligence to support a friendly combination is not accepted by Monday 25 November, the copier maker warned on Friday.


In a letter sent to members of HP's board of directors, Xerox pointed out that HP has so far refused to agree to corresponding due diligence.

The company said that it was "very surprised" that HP's board "summarily rejected" its "compelling proposal" to acquire the PC and printer maker for 22 dollars per share.

Earlier this week, HP said that the offer "significantly undervalued" the company.

"Frankly, we are confused by this reasoning in that your own financial advisor, Goldman Sachs, set a 14-dollar price target with a "sell" rating for HP's stock after you announced your restructuring plan on October 3, 2019," Xerox noted

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