Xerox is reportedly dropping its $30 billion hostile takeover bid for for HP

HP CEO Enrique Lores

  • Xerox is ending its hostile bid to take over Hewlett-Packard, ending a corporate battle that got derailed by the coronavirus crisis, according to a report.
  • Xerox will withdraw its more than $30 billion tender offer for HP, ending its campaign to replace the HP board, the Wall Street Journal reported.
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Xerox is dropping its hostile bid to buy Hewlett-Packard, ending a corporate takeover fight that got overtaken by the coronavirus crisis, a report said Tuesday.

Xerox will end its tender offer worth more than $30 billion and a proxy campaign to replace the HP board, the Wall Street Journal reported, citing unnamed sources.Advertisement

Xerox unveiled its unsolicited bid to buy HP late last year. The proposal was rejected by the Palo Alto, California company which subsequently led to a proxy battle.

But the coronavirus crisis apparently derailed the Xerox campaign. Two weeks ago, Xerox CEO John Visentin said it was "prudent to postpone" all activities related to its bid to buy HP, the Journal reported.

HP CEO Enrique Lores also said the company was focusing on the pandemic as he maintained the HP board's position that Xerox's proposal "fundamentally undervalues HP."