Xerox Throws in the Towel on HP Takeover Bid
After pursuing a merger with HP (NYSE: HPQ) for months, Xerox Holdings (NYSE: XRX) on Tuesday called off its proposal to acquire its rival. Xerox originally proposed the merger last fall but had been rejected by HP despite the backing of some shareholders of both companies.
In a statement issued Tuesday, Xerox said, "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. ... While it is disappointing to take this step, we are prioritizing the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations."
Image source: Getty Images.
Source Fool.com
