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5 Things To Know About HP's Shareholder Rights Plan

HP has adopted a plan that could make a hostile takeover by Xerox more difficult while giving its shareholders greater protections.

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What The Plan Accomplishes

The shareholder rights plan includes measures that are triggered if an outside entity acquires 20 percent or more of HP common shares. In a filing with the U.S. Securities and Exchange Commission, HP said the plan has the effect of penalizing such entities--in this case, Xerox or Icahn. "In general terms, the Rights Agreement works by imposing a significant penalty upon any person or group that acquires 20% or more of the outstanding shares of HP Common Stock without the approval of the Board," HP said in the filing.

Icahn (above) has disclosed owning a 4.24 percent stake in HP. He also owns 10.6 percent of Xerox shares, and Xerox’s leadership includes a number of Icahn loyalists, among them CEO John Visentin.

 

 
 
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