back to article Oh, we may have found the COVID-19 silver lining: Coronavirus pandemic halts Xerox hostile takeover of HP

Citing concerns for the safety of its employees amid the COVID-19 coronavirus pandemic, Xerox announced on Friday it is putting its hostile takeover of HP Inc on ice for now. “In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over …

  1. A.P. Veening Silver badge

    I may have missed something, but did Xerox state anywhere they stopped buying available HP stock on the stock exchanges?

    1. The Man Who Fell To Earth Silver badge
      Black Helicopters

      Hmm...

      They might find the crash is affecting their own ability to service their own debt, among other things...

  2. HildyJ Silver badge
    Facepalm

    I'm sorry

    This whole never-ending saga has risen to the top of my "don't care" list.

  3. heyrick Silver badge

    For the avoidance of doubt

    Usually when a PR person says that, what they subsequently deny is the exact reason.

  4. Pascal Monett Silver badge

    Well that's new

    Taking a global pandemic for an excuse to not pass buy orders from one's computer. Wow. That has to be a first.

    In this extremely volatile market, thanks to the OHSG who makes the stock market fall 1700 points every time he opens his lying maw, one would think it is exactly the time for a hostile takeover.

    Well, it seems that the balls have dropped from Xerox, dropped entirely from the sack to the ground.

    Or maybe this is just the excuse they use because HP has defended itself too well for their own comfort.

    In any case, there is no chance for Xerox to start over. Such opportunities must be pursued when have been created, not put on ice. You pursue, or you fail. Xerox has failed.

    Icahn must be incensed. I wonder what kind of reason he'll put in his lawsuit against Xerox ?

    1. Is It Me

      Re: Well that's new

      It looks like part of the reason they are stopping is that they can't go out and meet & greet the current HP shareholders at the bribery events (like expensive dinners etc.)

      1. Mike Moyle Silver badge

        Re: Well that's new

        I'm assuming that it's because HP stock has fallen to $17/share and Xerox is on the hook for $24 per if HP's stockholders were to suddenly decide to say yes. That sort of thing might induce a bit of sphincter-puckering for Mr. Icahn.

  5. DJV Silver badge

    Interesting order...

    "In these uncertain times our priority is to stay focused on our shareholders, partners, customers and employees"

    I presume the order of said priorities denotes their sliding importance to HP - i.e. shareholders are the top priority and employees the least, no doubt with customers at a level that's barely higher than their employees. Figures...

    1. macjules Silver badge

      Re: Interesting order...

      Meaning, "With our employees located at home we need to assure our customers and partners that we will indeed continue to screw them over provide the best possible service."

  6. RLWatkins

    Leaving aside the question of who actually gives two farts...

    ... it might actually be a good thing if Xerox bought the mortal remains of the Hewlett Packard corporation.

    Xerox used to run the premier CS / IT research lab, PARC, the equal in my estimation of the late and lamented Bell Labs. Hewlett Packard used to be one of the, if not *the*, premier electrical engineering outfit in the world.

    If one phoenix could arise out of the ashes of two, the world might be at least a tiny bit better off.

  7. Ian Joyner

    They could have owned the industry

    Xerox could have ruled the industry with their PARC technology. That would be the good way to do it. Instead we are stuck with interminable take overs which really contribute nothing to the advancement of technology or humanity – only shareholder's value.

  8. sanmigueelbeer Silver badge
    Coat

    Whao, whao, whao!

    I've just got back to my seat with a big tub of popcorn, my favourite beer, pulled up the blanket ... and then this soap opera calls for a "commercial break"???

    Coronavirus or not, that's not how lawyers operate -- lawyers will do anything for money.

    I am off to the pub. Where's me jacket?

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