The HP board makes declares the latest "unsolicited exchange offer" from Xerox is not in the best interest of the company, and unanimously insists shareholders not only reject said offer, but also hold on to their shares.
“Our message to HP shareholders is clear-- the Xerox offer undervalues HP and disproportionately benefits Xerox shareholders at the expense of HP shareholders,” chairman Chip Berg says. “The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company.”
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