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XRX

Xerox

$38.95

0.295 (0.76%)

, HPQ

HP Inc.

$20.17

0.05 (0.25%)

15:04
11/17/19
11/17
15:04
11/17/19
15:04

HP unanimously rejects unsolicited Xerox proposal

HP Inc. (HPQ) announced that its board has unanimously rejected the unsolicited proposal from Xerox Holdings Corporation (XRX) to acquire the company. The HP board sent a letter to Xerox CEO John Visentin, stating, "Our board of directors has reviewed and considered your unsolicited proposal dated November 5, 2019 at a meeting with our financial and legal advisors and has unanimously concluded that it significantly undervalues HP and is not in the best interests of HP shareholders. In reaching this determination, the board also considered the highly conditional and uncertain nature of the proposal, including the potential impact of outsized debt levels on the combined company's stock. We have great confidence in our strategy and our ability to execute to continue driving sustainable long-term value at HP. In addition, the board and management team continue to take actions to enhance shareholder value including the deployment of our strong balance sheet for increased repurchases of our significantly undervalued stock and for value-creating M&A. We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox. However, as we have previously shared in connection with our prior requests for diligence, we have fundamental questions that need to be addressed in our diligence of Xerox. We note the decline of Xerox's revenue from $10.2B to $9.2B (on a trailing 12-month basis) since June 2018, which raises significant questions for us regarding the trajectory of your business and future prospects. In addition, we believe it is critical to engage in a rigorous analysis of the achievable synergies from a potential combination. With substantive engagement from Xerox management and access to diligence information on Xerox, we believe that we can quickly evaluate the merits of a potential transaction. We remain ready to engage with you to better understand your business and any value to be created from a combination."

XRX

Xerox

$38.95

0.295 (0.76%)

HPQ

HP Inc.

$20.17

0.05 (0.25%)

  • 26

    Nov

  • 09

    Dec

XRX Xerox
$38.95

0.295 (0.76%)

11/06/19
JPMS
11/06/19
NO CHANGE
JPMS
Neutral
Xerox, HP combination 'looks feasible and has merits,' says JPMorgan
The potential combination of Xerox (XRX) and HP Inc. (HPQ) "looks feasible and has merits," JPMorgan analyst Paul Coster tells investors in a research note. Assuming a 25% premium to HP's prior close, the transaction value could be as high as $34B, and HP's market cap is more than three times that of Xerox, says the analyst. However, he believes Xerox, assuming four-times leverage, could raise as much as $28B from debt, which, when combined with its net cash position following the sale of the Fuji-Xerox joint venture, would get the company close to the $34B without using equity. The combined company could sell the "lower-margin" HP Personal Systems business to reduce debt, and synergies in years two and three "could easily exceed" another $1.0B, contends Coster. The analyst has a Neutral rating on HP and Underweight rating on Xerox.
11/07/19
DBAB
11/07/19
NO CHANGE
DBAB
Hold
Xerox acquisition of HP 'improbable,' says Deutsche Bank
Deutsche Bank analyst Jeriel Ong sees a deal where Xerox (XRX) acquires HP Inc. (HOQ) as "improbable (but not financially impossible)" for the sole reason that Xerox is less than one-third the size of HP at the suggested $22-$23 per share offer. The analyst surmises that both companies are likely early in their discussions surrounding a potential deal. Ong has a Hold rating on HP shares. The analyst adds, however, that the deal appears to be "pretty accretive" to Xerox shareholders.
11/12/19
JPMS
11/12/19
UPGRADE
Target $38
JPMS
Neutral
Xerox upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Paul Coster upgraded Xerox to Neutral from Underweight with a $38 price target.
11/12/19
JPMS
11/12/19
UPGRADE
Target $38
JPMS
Neutral
JPMorgan upgrades Xerox to Neutral with shares close to fair value
JPMorgan analyst Paul Coster upgraded Xerox (XRX) to Neutral from Underweight with a price target of $38, up from $31. The analyst thinks the stock is trading close to fair value, but sees "catalysts to the upside and downside in the very near term." Xerox's bid for HP Inc. (HPQ) could conceivably lead HP to make a counter-bid for Xerox at a premium to where Xerox stock is currently trading, Coster tells investors in a research note. On the other hand, Xerox could successfully acquire HP and its stock could price in cost synergies, ahead of the deal closing, adds the analyst. However, looking further out, he believes Xerox's future "remains uncertain."
HPQ HP Inc.
$20.17

0.05 (0.25%)

11/11/19
EVER
11/11/19
UPGRADE
Target $24
EVER
Outperform
HP Inc. upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst Amit Daryanani upgraded HP Inc. to Outperform from In Line with a $24 price target.
11/15/19
GDHS
11/15/19
NO CHANGE
GDHS
Gordon Haskett says Ackman, Icahn could be buyer behind Nomura's Netflix stake
Don Bilson, who heads Gordon Haskett's event-driven research team, said in a note prior to the open that Nomura's largest stock purchase last quarter was Netflix (NFLX), noting that the Japanese bank "put Mantle Ridge into Aramark (ARMK) and Carl Icahn into HP (HPQ) via a swap or some sort of options trade that remained on Nomura's books" previously. He speculated Bill Ackman could be the buyer behind Nomura's stakeholding, even "though there is nothing for an activist to do" at Netflix, given it fits the pattern of some other Pershing Square stock investments and Ackman mentioned not long ago that he had built a new, unnamed position. If it's not Ackman, "we suppose it could be Carl Icahn who just proved he knows who to call at Nomura" and his son, who previously got Icahn into the stock, is set to rejoin his fund shortly, Argenti wrote in his pre-open note.

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