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XRX

Xerox

$38.76

-0.25 (-0.64%)

, HPQ

HP Inc.

$20.16

0.205 (1.03%)

09:12
11/26/19
11/26
09:12
11/26/19
09:12

Xerox sends letter to HP Inc., confirms intention to engage shareholders

Xerox (XRX) sent a letter to the board of HP Inc. (HPQ) in response to HP's November 24 letter to Xerox. The letter sent to HP is as follows: "Your refusal to engage in mutual due diligence with Xerox defies logic. We have put forth a compelling proposal - one that would allow HP shareholders to both realize immediate cash value and enjoy equal participation in the substantial upside expected to result from a combination. Our offer is neither "highly conditional" nor "uncertain" as you claim. It does not contain a financing contingency, and the combined company is expected to have an investment grade credit rating. The potential benefits of a combination between HP and Xerox are self-evident. Together, we could create an industry leader - with enhanced scale and best-in-class offerings across a complete product portfolio - that will be positioned to invest more in innovation and generate greater returns for shareholders. The market clearly understands the industrial logic of this transaction. HP and Xerox shares are up 9.5% and 6.6%, respectively, since the date our proposal was first made public. We have already received inquiries from several HP shareholders and are encouraged by their interest in our offer. Nevertheless, rather than engage with us in three weeks of customary mutual due diligence, HP continues to obfuscate and make misleading statements. It is important that we correct, for your benefit and that of HP's shareholders, a few of the mischaracterizations from your last letter. On February 5, 2019, Xerox announced a three-year strategic plan that was built on four initiatives: (i) optimizing operations, (ii) driving revenue, (iii) reenergizing innovation and (iv) focusing on cash flow and capital returns. We are already outperforming this plan. Through the first nine months of 2019, we have increased our guidance for adjusted earnings per share and free cash flow while also increasing investments in innovation and our core business, which is why our stock is up 96% year-to-date. Your comment regarding total contract value is little more than a diversion. Your own public disclosure states that backlog information is "not a meaningful indicator of future business prospects" or "material to an understanding of our overall business." It is possible that the modest, expensive and time-consuming cost savings included in the restructuring plan you announced on October 3, 2019 (only $1 billion over three years at a cost of $1 billion in restructuring charges), has resulted in a lack of confidence in HP's ability to realize the $2+ billion of synergies your team previously agreed could be achieved in a combination. We monetized our illiquid interest in Fuji Xerox at over 20 times 2019 expected aggregate cash flow while favorably restructuring the terms of our sourcing relationship with Fuji Xerox to ensure continuity of supply, protect our high-value intellectual property and provide strategic flexibility. There is no "hole in Xerox's portfolio" as a result of those transactions - just significantly more cash to support growth and greater flexibility in our sourcing terms. While you may not appreciate our "aggressive" tactics, we will not apologize for them. The most efficient way to prove out the scope of this opportunity with certainty is through mutual due diligence, which you continue to refuse, and we are obligated to require. We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity."

XRX

Xerox

$38.76

-0.25 (-0.64%)

HPQ

HP Inc.

$20.16

0.205 (1.03%)

  • 26

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    Dec

XRX Xerox
$38.76

-0.25 (-0.64%)

11/18/19
DBAB
11/18/19
NO CHANGE
DBAB
Hold
HP letter to Xerox indicates openness in combination, says Deutsche Bank
Deutsche Bank analyst Jeriel Ong says that while HP Inc.'s (HPQ) offer rejection reduces the odds of Xerox (XRX) being the acquirer, he believes the letter also communicates the openness HP has in evaluating a combination. It is unclear whether Xerox increasing the offer price would improve the odds of a combination as HPQ is already concerned about debt load at the $22 per share offer, Ong tells investors in a research note. The analyst continues to believe that a combination makes sense with HP as the acquirer rather than the target. He keeps a Hold rating on HP.
11/22/19
DBAB
11/22/19
NO CHANGE
DBAB
Hold
HP, Xerox deal 'continues to be in play,' says Deutsche Bank
While admitting there is a bit of a "he said, she said" dynamic playing out, Deutsche Bank analyst Jeriel Ong sees the interaction between HP Inc. (HPQ) and Xerox (XRX) as a "positive indicator that some kind of a deal continues to be in play." The analyst, who says he has no incremental information to discern whether Xerox's claim that HP has not agreed to mutual diligence as a delay tactic holds merit or not, believes that a combined company makes more sense with HP as the acquirer rather than the target.
11/25/19
LOOP
11/25/19
NO CHANGE
Target $47
LOOP
Buy
Xerox price target raised to $47 from $42 at Loop Capital
Loop Capital analyst Ananda Baruah raised his price target on Xerox (XRX) to $47 and kept his Buy rating, saying that regardless of the outcome of its efforts to acquire HP Inc (HPQ), his recent discussion with its management has made him more bullish on the company's prospects. The analyst sees the new management committed to "creativity, sophistication, and velocity for creating both company and equity value", adding that at 9.3-times enterprise value to expected free cash flow, the stock offers "inherent" free cash flow value.
11/25/19
JPMS
11/25/19
NO CHANGE
Target $19
JPMS
Neutral
HP Inc. risks skewed to downside near-term, says JPMorgan
JPMorgan analyst Paul Coster says that while HP Inc.'s (HPQ) "likely frosty" response to what could evolve into a hostile bid from Xerox (XRX) is probably the main focus of investors into the fiscal Q4 results, the stock's near-term risks are skewed to the downside. The print itself is unlikely to strengthen HP's case for independence if continued declines in the high-margin printer segment shift sentiment in favor of "urgent cost-cutting of the kind already instituted by Xerox," Coster tells investors in a research note. He believes a "bad print" could reinforce the view that HP's personal and office printer business is in secular decline, whether or not combined with that of Xerox. Coster keeps an Underweight rating on HP Inc. shares with a $19 price target.
HPQ HP Inc.
$20.16

0.205 (1.03%)

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