In the latest development in the increasingly tense merger battle between Xerox and HP, the latter is accusing activist investor, Carl Icahn, of pushing for a hostile takeover by skleb1234
In the latest development in the ongoing and increasingly tense merger battle between Xerox and HP, the latter is accusing activist investor, Carl Icahn, of pushing for a hostile takeover. In a public statement, HP says Icahn is trying to force a merger because he stands to profit from ownership stakes in both companies.that it plans to nominate 11 new directors to replace HP’s entire board of directors at an upcoming shareholder meeting, setting the stage for a tense proxy battle.
HP fired back, calling Xerox’s nominations to its board a “self-serving tactic” and reiterating that “value creation for HP shareholders is not dependent on a Xerox combination.” In a comprehensive statement released later on Thursday, HP also took aim at activist investor Carl Icahn and blamed him for the hostile nature of the takeover: “We believe that Xerox’s proposal and nominations are being driven by Carl Icahn.”Because of his large ownership position in Xerox, HP said, Icahn’s interests “are not aligned with those of other HP shareholders” and he would “disproportionately benefit” from a merger between the two companies.
HP also emphasized Icahn’s “meaningful influence” over Xerox and its board of directors. HP points to his role in the appointment of current CEO John Visentin, a former Icahn consultant, as well as his ties to the Xerox board—and especially its chairman, Keith Cozza, who is also CEO of Icahn Enterprises.
In its statement, HP also reiterated its rejection of Xerox’s $33.5 billion takeover bid, saying that it “significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders.”“Xerox’s proposed transaction attempts to use HP’s financial capacities for the benefit of Xerox shareholders,” HP said.
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