Xerox adds extra HP board candidate
Wednesday, March 11, 2020
Xerox has made a further nomination in its slate of proposed HP board directors, and is readying a special meeting of Xerox shareholders to seek their approval for its offer.
HP is expanding its board by one, to a dozen members. As a result Xerox has added former Alliant Energy chairman and CEO Erroll Davis to its previous list of nominees, taking the total to 12.
Xerox has also filed notification that it plans to hold a special meeting to seek approval from its own shareholders for the share issue connected with its bid for HP.
It also reaffirmed its tender offer to acquire all of HP’s shares for $24-a-share (£18.56) comprised of $18.40 in cash and 0.149 Xerox shares for each HP share.
Worldwide stock markets fell dramatically earlier this week due to the coronavirus crisis and a fall in oil prices after Russia declined to join in with an Opec-led production cut.
The New York Stock Exchange halted trading for a period after the market fell by more than 7%.
In its statement about the special meeting, date still to be confirmed, Xerox said: “As a result of market-wide circuit breakers procedures implemented by the NYSE on March 9, 2020, the trading of HP shares was temporarily suspended. For the avoidance of doubt, Xerox does not consider this temporary trading halt to constitute a failure of any condition to its offer to acquire HP.”
HP has not yet published a date for its AGM.