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HP says now isn’t the time for M&A

In a letter to shareholders, HP (NYSE:HPQ) says that any “complex, large-scale, highly leveraged transaction in the current economic environment could be disastrous for HP, its shareholders and our entire ecosystem.”
The company reiterates that Xerox’s (NYSE:XRX) tender offer “fundamentally undervalues HP” and says XRX’s proposed structure would ” …

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HP voices concerns about Xerox earnings

HP (HPQ +0.6%) tells Bloomberg that Xerox’s (XRX +5.2%) earnings report this morning doesn’t help with “fundamental concerns about the continued revenue declines and health of the Xerox business.”

The company says the Xerox proposal would require shareholders to exchange the value of HP’s balance sheet for “stock in a company of questionable value and exposed to meaningful risk, due to inordinate leverage and sustained, declining performance.”

Earlier today, Xerox reported Q4 beats and guided FY20 with upside earnings and a revenue decline of 4% Y/Y at constant currency.

Source: M A News on Seeking Alpha