Xerox representatives have reportedly issued invitations to HP shareholders for a restaurant dinner as the latest attempt to gain support in buying out HP.
An anonymous source who had received an invitation told Reuters that the dinner hosted by Xerox would take place at a restaurant in the Riverside neighborhood of Greenwich, Connecticut on 18 February. Xerox CEO John Visentin is also reported to be attending the event.
The news comes after HP sent an open letter to Xerox that its offer of a $30 billion (£22.9 billion) bid in November 2019 "significantly undervalues HP and is not in the best interests of HP shareholders".
The dinner invitations could be seen as Xerox’s endeavour into challenging HP’s accusations and gain the backing for the takeover from HP's shareholders.
Following last year’s snub, Xerox raised its takeover bid to $35 billion (£26.9 billion) and has begun a hostile takeover of the company, even attempting to nominate 11 directors to HP’s board.
It also announced that it had secured $24 billion (£18.4 billion) of the finances required for the deal.
HP's Michel Feaster: Why automation is needed Xerox sues Google and Yahoo over patent infringement
HP is thought to have dismissed Xerox’s most recent, $35 billion bid, but is expected to make an announcement on 24 February, when it unveils its first-quarter earnings for the 2020 financial year.
HP is set to cut between 7,000 and 9,000 jobs (around 16% of its workforce) over the next two years as part of wider restructuring efforts and hopes to become "a more digitally enabled company". This would indicate that HP is in economic difficulty and arguably a ripe target for a takeover.
-
Is the traditional MSP service desk dead?Industry Insights AI and B2C expectations are reshaping B2B service desks and MSP strategy
-
From phone calls to roll calls: 3CX has the answerHow Yellowgrid, a 3CX Platinum distributor, has taken advantage of 3CX Phone System’s customisable nature to create a time-saving solution already embraced by over 100 UK schools
-
Intel makes high-level hires while factory workers are warned of layoffsNews The company is appointing four senior executives as part of efforts to refocus on engineering and customer relationships
-
UiPath names Simon Pettit as new AVP for UK and IrelandNews The seasoned leader will spearhead region-specific transformation projects as UiPath looks to drive operational growth and customer engagement
-
How to empower employees to accelerate emissions reductionin depth With ICT accounting for as much as 3% of global carbon emissions, the same as aviation, the industry needs to increase emissions reduction
-
Worldwide IT spending to grow 4.3% in 2023, with no significant AI impactNews Spending patterns have changed as companies take an inward focus
-
Report: Female tech workers disproportionately affected by industry layoffsNews Layoffs continue to strike companies throughout the tech industry, with data showing females in both the UK and US are bearing the brunt of them more so than males
-
How can small businesses cope with inflation?Tutorial With high inflation increasing the cost of doing business, how can small businesses weather the storm?
-
How to deal with inflation while undergoing digital transformationIn-depth How can organizations stave off inflation while attempting to grow by digitally transforming their businesses?
-
How businesses can use technology to fight inflation
TUTORIAL While technology can’t provide all the answers to fight rising inflation, it can help ease the pain on businesses in the long term
