U.S. printer maker Xerox Holdings Corp took its $35 billion bid for HP Inc to th...
NEW YORK - U.S. printer maker Xerox Holdings Corp took its $35 billion bid for HP Inc to the U.S. personal computer maker’s shareholders on Monday, with a formal tender offer and a rebuttal to HP’s account of why they could not negotiate a deal.
The printing industry is in decline as companies and consumers turn to digital documents to save money and help the environment. This has put pressure on companies in the sector to consolidate and reverse revenue decline through acquisitions that can boost market share. Complicating the talks is billionaire investor Carl Icahn, a top Xerox shareholder who last year also acquired a stake in HP, and has been pushing the companies to combine under the leadership of Xerox CEO John Visentin.
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