The "market turmoil" brought about by the current coronavirus (aka Covid-19) pandemic brings about an environment "not conductive" for Xerox to acquire HP, the printer maker claims as it withdraws its $35 billion offer for the larger rival.
"While it is disappointing to take this step, we are prioritizing the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations," the Xerox statement continues. The company adds the continued HP refusal of the offer was nothing less than a "great disservice" for stockholders, and thanks the banks willing to provide financing even as the pandemic wrecks havoc on the markets.
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