Xerox Holdings Corp. said it plans to present its case for a tie-up with HP Inc. directly to the target’s shareholders, in its latest push for a combination of the two companies.
In a new letter to HP’s board Tuesday, Xerox said it won’t apologize for its “aggressive” tactics in pursuing HP, after being spurned twice.
Xerox will go straight to stakeholders “to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity,” the Norwalk, Connecticut-based company said. “Your refusal to engage in mutual due diligence with Xerox defies logic.”
HP did not provided any comment yet.
HP has said it’s open to exploring a deal, but only if it can do due diligence on Xerox to ponder an acquisition of the photocopier maker. Xerox gave HP until 5:00 p.m. Monday to agree to “mutual confirmatory due diligence.” HP also questioned the health of Xerox’s business and whether it could raise the funding necessary for a transaction.
HP’s board of directors has unanimously rejected Xerox’s $22-a-share bid, valued at more than $33 billion in cash and stock.