HP rails against Xerox control, giving $16bn back to shareholders
The PC giant has raised its profit forecast, bolstered by the surge of share repurchases as it fights to the printer maker’s hostile takeover
25 February 2020 - 17:06
San Francisco — HP announced it will return $16bn 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 will increase share repurchases to $15bn from a $5bn programme announced in October. This will result in adjusted profit of $3.25 to $3.65 per share in fiscal 2022, which is about $1 more per share than analysts’ projections. HP executives also said they have engaged Xerox to discuss a potential combination on their terms, rather than succumbing to the printer maker’s hostile takeover effort...
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