Xerox Gives Up: The $35 Billion Hostile Takeover Bid for HP Is Dead

The coronavirus strikes again. Workplace technology specialist Xerox (NYSE: XRX) has ended its $35 billion hostile takeover bid for larger sector rival HP Inc. (NYSE: HPQ).

"The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc.," Xerox said in a late-Tuesday press release. "Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP's Board of Directors."

Xerox assured investors that a combination with HP still makes a ton of strategic sense, but HP's board of directors never accepted the proposal, and it seems silly to continue the push in the middle of a global health crisis.

Source Fool.com