Xerox is pulling back on activity around its proposed hostile takeover of HP Inc as the novel coronavirus Covid-19 pandemic spreads.
“In light of the escalating Covid-19 pandemic, Xerox needs to prioritise the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP,” says John Visentin, Xerox vice-chairman and CEO.
“As we closely monitor reports from government and healthcare leaders across the globe and work with colleagues in the business community to minimize the spread and impact of the virus, we believe it is prudent to postpone releases of additional presentations, interviews with media and meetings with HP shareholders so we can focus our time and resources on protecting Xerox’s various stakeholders from the pandemic.”
In a statement, the company clarifies that it does not consider the market decline since the date of its offer or the temporary suspension of trading in HP shares that occurred on 10 March 2020 and 12 March 2020 as a result of market-wide circuit breakers procedures to constitute a failure of any condition to its offer to acquire HP.