As Xerox Walks Away, HP Faces an Uncertain Future

Xerox (NYSE: XRX) recently ended its hostile bid for HP (NYSE: HPQ) amid the escalating COVID-19 crisis. Xerox's final offer for HP was valued at $24 per share, but the offer consisted of $18.40 in cash and 0.149 shares of Xerox for each HP share.

Xerox's stock price has plunged more than 50% since the beginning of the year, so it needed to either boost its cash offer or offer more shares to maintain that $24 per share offer. Xerox, which is smaller than HP, was already stretched thin after securing $24 billion in funding in January, so it probably couldn't have offered more cash.

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Source Fool.com