Xerox (XRX) Hits Five-Year High On Possibility Of HP Buyout
Zacks Investment Research | Nov 07, 2019 09:09PM ET
Xerox Holdings Corporation (NYSE:XRX) took Wall Street by surprise after its takeover offer to the six-times larger HP (NYSE:HPQ) . A rumor till Tuesday became a reality when HP issued a statement confirming the news the very next day.
“We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination,” HP said in a statement. “We have considered, among other things, what would be required to merit a transaction,” the company added.
Xerox has reportedly bid $ 22 per share, with a mix of 77% cash and 23% stock. Per the company, “Our industry is long overdue for consolidation, and those who move first will have a distinct advantage. We look forward to expeditiously moving this process forward and creating additional value for shareholders.”
Xerox shares hit a five-year high of $38.55 yesterday, before closing a tad lower at $37.31. Notably, shares of the company have appreciated over 93% year to date, much ahead of the Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.