Xerox raises HP takeover bid
Xerox raised its offer to $24 per share from $22 per share
Independent Advisor Alliance CIO Chris Zaccarelli says his company prefers technology, industrial and semiconductor sectors to invest in due to their consistent performances in the market.
(Reuters) - Xerox Holdings Corp raised its offer to buy HP Inc to $24 per share from $22 per share on Monday, following several rejections of its previous buyout offer by the PC maker.
The latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share, valuing the company at about $35 billion.
The U.S. printer maker first made a $33.5 billion cash-and-stock offer for HP, a company more than three times its size, in November. HP's board had then rejected the offer, saying it significantly undervalued the company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XRX | XEROX HOLDINGS CORP. | 9.16 | +0.12 | +1.33% |
| HPQ | HP INC. | 39.30 | +1.17 | +3.07% |
Shares of HP, which did not immediately respond to a request for comment, were up more than 5 percent at $22.86 in trading before the bell.
HP REJECTS TAKEOVER OFFER FROM XEROX
Xerox said last month it plans to nominate 11 independent candidates to HP's board and that it had secured $24 billion in financing for the offer.
In December, activist investor Carl Icahn, who has a 4.2 percent stake in HP and a 10.9 percent stake in Xerox, also urged HP shareholders who agreed to the merger to reach out to the PC maker's directors for immediate action.
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(Reporting by Akanksha Rana in Bengaluru; Editing by Saumyadeb Chakrabarty)