Xerox is dropping the niceties. It really, really wants to merge with HP, and it has gone hostile.
The copier company said Thursday it will nominate 11 new directors to replace HP's entire board at HP's upcoming shareholder meeting. Xerox has been attempting a takeover for months, and HP has twice rejected Xerox's bids. HP said Thursday Xerox's proposal"significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders.
But those earnings are dwindling every year. HP had surprised investors by growing faster than many had believed possible after its 2015 split with HP Enterprise , but it has struggled in recent quarters. Although HP still has a sizable PC business, fewer customers are buying ink from HP. Ink sales had long been HP's profit generator: HP would take losses on its printer sales, generating the bulk of its income from ink.
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