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XRX

Xerox

$33.84 /

-1.91 (-5.34%)

, HPQ

HP Inc.

$21.89 /

-0.84 (-3.70%)

18:00
02/27/20
02/27
18:00
02/27/20
18:00

HP Inc. says Icahn weighed making offer to acquire company

According to a regulatory filing, HP Inc. (HPQ) said that, on August 12, 2019, Carl Icahn, the largest shareholder of Xerox (XRX), phoned Dion Weisler, HP's then-chief executive officer. Icahn communicated that he believed HP was a well-run company with a strong management team and stated that he had accumulated approximately 60 million shares of HP common stock, constituting 4.125% of HP's then-outstanding shares of common stock. Mr. Icahn further expressed his belief that there was considerable value in combining Xerox and HP, that HP should consider buying Xerox or, if not, that Mr. Icahn would consider making an offer to acquire HP and that he wanted a transaction to occur quickly. Mr. Weisler expressed that HP was always open to hearing from its shareholders and that the board of directors of HP was focused on creating shareholder value. Following the call, on August 13, 2019, Mr. Icahn sent Mr. Weisler an e-mail attaching two Xerox slides showing estimated synergies of $3.5 billion that a combined company could achieve with full impact in 2023. On August 22, 2019, the Company announced that Mr. Weisler had decided to step down for a family health matter and that the HP Board had unanimously appointed Mr. Lores, then head of HP's printing division, to succeed Mr. Weisler as the Company's chief executive officer effective November 1, 2019. On August 23, 2019, Mr. Bandrowczak called Mr. Lores and advised that Mr. Visentin was planning to tell Mr. Weisler that Xerox was very interested in a combination with HP at an upcoming, previously-scheduled breakfast meeting. On August 26, 2019, Mr. Icahn called Mr. Weisler and expressed that he was focused on quickly pursuing a combination of HP with Xerox and asked Mr. Weisler for his views on HP buying Xerox. Mr. Weisler expressed to Mr. Icahn that HP would require further information from Xerox in order to assess a potential acquisition and that he would follow up directly with Mr. Visentin. Later that day, Mr. Weisler sent Mr. Visentin a list of threshold questions that would need to be addressed by Xerox before HP would engage in full discussions concerning an acquisition of Xerox. On August 27, 2019, Mr. Visentin phoned Mr. Weisler and stated that Xerox was eager to combine with HP, and that he hoped that HP would include stock consideration in any offer to acquire Xerox. He also stated that he knew that Mr. Icahn had taken an ownership position in HP. Mr. Visentin advised that Xerox would provide HP with the information HP had requested.

XRX

Xerox

$33.84 /

-1.91 (-5.34%)

HPQ

HP Inc.

$21.89 /

-0.84 (-3.70%)

  • 02

    Mar

XRX Xerox
$33.84 /

-1.91 (-5.34%)

02/25/20 Morgan Stanley
HP Inc. price target raised to $24 from $21 at Morgan Stanley
02/25/20 Deutsche Bank
HP Inc. price target raised to $24 from $22 at Deutsche Bank
02/25/20 Loop Capital
HP Inc. upgraded to Buy from Hold at Loop Capital
02/10/20 Wells Fargo
Odds of HP takeover increased following raised Xerox bid, says Wells Fargo
HPQ HP Inc.
$21.89 /

-0.84 (-3.70%)

02/25/20
Fly Intel: Top five analyst upgrades

TODAY'S FREE FLY STORIES

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In this week's "Rising…

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Hot Stocks
DaVita urges hospitals not to limit care to end stage kidney disease patients » 10:06
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DaVita Kidney Care stands…

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On The Fly
Fly Intel: Starbucks downgrade, initiation among today's top Wall Street calls » 10:06
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Check out today's top…

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Conference/Events
Viela Bio participates in a conference call with Stifel » 10:05
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$31.75 /

+0.75 (+2.42%)

Conference call with…

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General news
Fed Chair says economic rebound can be 'robust,' when it comes » 10:05
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SPY

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$279.64 /

+5.54 (+2.02%)

, SPX

S&P 500

$0.00 /

+ (+0.00%)

According to a prepared…

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Hot Stocks
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SENEB

Seneca Foods

$35.50 /

+ (+0.00%)

 
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Hot Stocks
Zebra Technologies appoints Holly Tyson as CHRO » 10:04
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ZBRA

Zebra Technologies

$200.35 /

+4.1 (+2.09%)

, DKS

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Zebra Technologies (ZBRA)…

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Consumer Sentiment Index data reported » 10:02
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Zebra Technologies names Holly Tyson as Chief Human Resources Officer » 10:02
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ZBRA

Zebra Technologies

$200.35 /

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, DKS

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Zebra Technologies (ZBRA)…

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Options
$1.6M Put buyer in Square with stock up 10% » 10:00
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SQ

Square

$63.05 /

+6.12 (+10.75%)

$1.6M Put buyer in Square…

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Seneca Foods trading halted, volatility trading pause  10:00
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Conference/Events
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AEO

American Eagle

$9.94 /

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MFSF

MutualFirst Financial

$26.89 /

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Options
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SBUX

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$70.70 /

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Options
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APA

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, RCL

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, KSS

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$19.00 /

+1.48 (+8.45%)

Notable gainers among…

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Conference/Events
UBS U.S. equity strategist to hold an analyst/industry conference call » 09:55
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09:55
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U.S. Equity Strategist…

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Conference/Events
Kirkland Lake Gold to host conference call » 09:55
04/09/20
04/09
09:55
04/09/20
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KL

Kirkland Lake Gold

$35.26 /

+1.66 (+4.94%)

Management holds a…

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Hot Stocks
MutualFirst Financial trading halted, volatility trading pause  09:51
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Periodicals
Iovance 'could be name to keep eye on' if Gilead seeks M&A, Dealreporter says » 09:47
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$31.24 /

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, GILD

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$74.03 /

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After Gilead (GILD) gave…

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Hot Stocks
ProShares Short High Yield falls -6.6% » 09:47
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ProShares Short High Yield

$21.20 /

-1.39 (-6.15%)

ProShares Short High…

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Hot Stocks
Direxion Financial Bear 3x falls -7.6% » 09:47
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FAZ

Direxion Financial Bear 3x

$26.00 /

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Hot Stocks
Small Cap Bear 3x falls -9.6% » 09:47
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TZA

Small Cap Bear 3x

$44.25 /

-4.85 (-9.88%)

Small Cap Bear 3x is down…

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