After the HP Board unanimously rejected an unsolicited Xerox proposal to acquire HP, Xerox has announced that it intends to nominate 11 independent candidates to replace HP’s Board of Directors, at HP’s 2020 Annual Stockholders Meeting.
The Xerox slate to be nominated includes former senior executives from dozens of leading companies, including Aetna, United Airlines, Hilton Hotels, Novartis and Verizon. The candidates were chosen for their expertise overseeing and executing significant company transformations & combinations—with demonstrated track records of creating value for shareholders.
John Visentin, Xerox’s Vice Chairman, and CEO said: “We believe HP shareholders will be better served by a new slate of independent directors who understand the challenges of operating a global enterprise and appreciate the value that can be created by realizing the synergies of a combination with Xerox.”
HP issued the following statement:
We believe these nominations are a self-serving tactic by Xerox to advance its proposal, that significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders.
We believe that Xerox’s proposal and nominations are being driven by Carl Icahn, and his large ownership position in Xerox means that his interests are not aligned with those of other HP shareholders. Due to Mr. Icahn’s ownership position, he would disproportionately benefit from an acquisition of HP by Xerox at a price that undervalues HP.
Xerox to nominate as many as 11 directors to HP's board in takeover push: Wall Street Journal
The Xerox slate to be nominated includes former senior executives from dozens of leading companies, including Aetna, United Airlines, Hilton Hotels, Novartis and Verizon. The candidates were chosen for their expertise overseeing and executing significant company transformations & combinations—with demonstrated track records of creating value for shareholders.
John Visentin, Xerox’s Vice Chairman, and CEO said: “We believe HP shareholders will be better served by a new slate of independent directors who understand the challenges of operating a global enterprise and appreciate the value that can be created by realizing the synergies of a combination with Xerox.”
HP issued the following statement:
We believe these nominations are a self-serving tactic by Xerox to advance its proposal, that significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders.
We believe that Xerox’s proposal and nominations are being driven by Carl Icahn, and his large ownership position in Xerox means that his interests are not aligned with those of other HP shareholders. Due to Mr. Icahn’s ownership position, he would disproportionately benefit from an acquisition of HP by Xerox at a price that undervalues HP.
Xerox to nominate as many as 11 directors to HP's board in takeover push: Wall Street Journal
