Global PC shipments dropped the most since 2013 in the first quarter, after the Covid-19 pandemic ensnared the Chinese supply chain and created production problems for major hardware companies.
Browsing: HP
It’s finally over. Xerox announced late Tuesday that it is abandoning its tender offer to acquire HP, citing the global health crisis from Covid-19 and the ensuing difficult market environment.
Microsoft has become the latest technology giant to reduce its quarterly outlook based on the outbreak of a novel coronavirus that’s slowing production of computers.
HP has announced it will return $16-billion to shareholders, primarily through buybacks, and boost cost cuts, trying to rally investors against Xerox for control of the world’s second largest PC maker.
HP, fighting off a hostile acquisition bid by Xerox, has adopted a shareholder rights plan that would make the takeover more difficult to carry out.
In the lumbering takeover battle for HP, Xerox had been wielding plenty of stick, so it was about time for some carrot. What came was more of a crudite, but it might just be the appetiser that HP needs.
The global PC market is expanding again, for the first time in seven years, according to preliminary data from analyst house Gartner.
HP has again rejected an unsolicited takeover offer from Xerox, saying the potential deal “significantly undervalues” the PC maker.
Xerox has said it plans to go directly to HP shareholders to present its case for a tie-up, in its latest push for a combination that is also backed by Carl Icahn.
After HP rebuffed Xerox’s attempted $34-billion takeover attempt, don’t be surprised if the printer company’s next step is to say, “You don’t buy us, we buy you.” But don’t expect any offer to be generous.