It represents a victory for HP CEO Enrique Lores, who faced a takeover battle as soon as he took over the reins of the Palo Alto, California-based company in November, and a defeat for Xerox CEO John Visentin, a former Hewlett-Packard and IBM Corp executive with ties to the private equity industry who took over as Xerox CEO in 2018.
(Apr 1): US printer maker Xerox Holdings Corp walked away from its US$35 billion ($49.9 billion) hostile cash-and-stock bid for HP Inc on Tuesday, after the coronavirus outbreak weighed on its campaign to take over the PC and printing equipment manufacturer.
Xerox’s decision came after it said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic.
