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HP Feels No Pressure to React Quickly to Xerox Takeover Bid

  • Company’s board not convinced a sale generates most value
  • Xerox makes case that merger responds to changing markets
HP Inc Announces It Will Cut 9,000 Jobs Over 3 Years In Restructuring Plan

Photographer: Justin Sullivan/Getty Images 

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HP Inc.’s board is still deliberating over a $33 billion takeover proposal from Xerox Holdings Corp., people familiar with the matter said, adding uncertainty to a potential blockbuster deal that would reshape the printing industry.

HP’s board is trying to create the most value for shareholders and isn’t yet convinced a sale to Xerox is the right move, said the people, who asked not to be identified discussing HP’s private deliberations. The board doesn’t feel any pressure to respond quickly, the people added. Xerox wants to receive an answer within a week to the $22 per share cash-and-stock offer made Tuesday, according to people familiar with Xerox’s thinking.