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HP Slams Xerox For Going 'Hostile': 5 Things To Know

The new letter from HP's board includes revelations about HP's declining interest in a merger with Xerox and HP's financial concerns about the Xerox proposal.

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HP 'Not Dependent' On Merger With Xerox

HP's board pointed to its own financial strength—with comparatively low debt and solid cash flows—as the solution to creating shareholder value rather than taking the deal from Xerox. The proposal would offer a 20 percent premium to HP shares above the closing price prior to the surfacing of the acquisition news.

"We believe it is important to emphasize that we are not dependent on a Xerox combination," HP's board said in the Sunday letter. "We have great confidence in our strategy and the numerous opportunities available to HP to drive sustainable long-term value, including the deployment of our strong balance sheet for increased share repurchases of our significantly undervalued stock and for value-creating M&A."

Ultimately, "the HP Board of Directors is committed to serving the best interests of HP shareholders, not Xerox and its shareholders. HP has numerous opportunities to create value for HP shareholders on a standalone basis," the board said in the letter.

 
 
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