Xerox’s bid to acquire HP demands more than cut-and-paste thinking
Activist investor Carl Icahn has taken a stake in HP to help build momentum for the merger
Xerox Holdings is best known for inventing the modern photocopier. When it comes to the company’s $33bn attempt to acquire HP, CEO John Visentin needs to do more than simply copy and repeat the same terms.
It has been almost two months since larger rival HP rejected Xerox’s initial bid. Since then, little in the substance of the offer has changed. Xerox has assuaged some of HP’s concerns about financing by obtaining bridge loan commitments for the cash part of the bid. But the fundamental offer remains the same: $17 in cash and 0.137 of a Xerox share for each HP share, for a total value of about $22 a share...
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