Xerox Holdings Corp has stopped its $35 billion hostile cash-and-stock bid for HP Inc. Xerox’s decision came after it said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic.
It represents a victory for HP CEO Enrique Lores, who faced a takeover battle as soon as he took over the reins of the Palo Alto and a defeat for Xerox CEO John Visentin, a former Hewlett-Packard and IBM Corp executive with ties to the private equity industry who took over as Xerox CEO in 2018.
It is also a blow for billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger.
Both Xerox and HP have seen their business suffer in the wake of the coronavirus crisis, though HP’s stock has proved more resilient, as employees working from home to protect themselves from the virus boosted revenue for its PCs and other office equipment. Xerox shares have lost more than half their value in the last five weeks, while HP shares are down about a quarter.
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