Xerox to nominate up to 11 directors to HP’s board in takeover bid: report

Xerox is preparing to nominate as many as 11 directors to HP’s board as it pushes ahead with its $33.5 billion takeover bid, according to a report in The Wall Street Journal.

Xerox bought a small stake in HP in recent weeks, the newspaper reported, “giving Xerox the right to nominate directors for elections to be held at the HP’s annual meeting this [northern] summer.”

The deadline to nominate directors is Friday, and Xerox could still decide to not follow through with the nominations, the report said.

In November 2019, Xerox made a $33.5 billion cash-and-stock offer to HP, which rejected the offer, saying it significantly undervalued the company.

Billionaire activist investor Carl Icahn – with a 10.9% stake in Xerox and a 4.2% stake in HP – has urged HP shareholders to agree to the merger.

Xerox this month said it had secured $24 billion in financing for the proposal. HP’s board responded that “securing financing is not a basis for a discussion” and reiterated that the proposal undervalued the company.

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