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HP And Xerox’s Public Takeover Dance: Fighting Words And Love Letters

In an age of declining print, Xerox and HP have used a lot of it to explain why they love a deal that brings them together … and why they hate it.

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November 5

To: HP Board Chairman Chip Bergh

From: Xerox CEO John Visentin (pictured)

Subject: The ongoing merger talks

Key paragraph: The substantial synergies generated from a transaction are only the beginning of the unique value creation opportunity you and we identified together – enhanced capital allocation, revenue growth, diversification, balance sheet strength and best in class human capital all result from combining our two industry leading companies. Consequently, our Board of Directors fully supports the transaction outlined below. The nature of the opportunity and the moment, combined with the overwhelming support we believe your and our shareholders, employees and other stakeholders will extend to our coming together as one company, furthers our resolve to pursue a potential transaction with you.

Take away: This was marked “strictly confidential” by Xerox and was not a public letter until HP released it with their response,12 days after it was sent. The letter contains the bulk of Xerox’s offer to combine with HP.

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