XRX - Xerox Holdings Corporation
| Previous Close | 38.65 |
| Open | 39.03 |
| Bid | 38.18 x 800 |
| Ask | 39.20 x 900 |
| Day's Range | 38.55 - 39.20 |
| 52 Week Range | 18.58 - 39.38 |
| Volume | 2,276,717 |
| Avg. Volume | 2,149,007 |
| Market Cap | 8.418B |
| Beta (3Y Monthly) | 1.76 |
| PE Ratio (TTM) | 13.74 |
| EPS (TTM) | 2.84 |
| Earnings Date | Jan. 27, 2020 - Jan. 31, 2020 |
| Forward Dividend & Yield | 1.00 (2.59%) |
| Ex-Dividend Date | 2019-12-30 |
| 1y Target Est | 41.00 |
- The Guardian
Computer firm HP rejects takeover approach by Xerox
Computer firm HP rejects takeover approach by Xerox. Board declines unsolicited proposal, despite billionaire investor Carl Icahn’s support
- Bloomberg
HP Rejects Xerox Offer as Too Low, Stays Open to Deal
(Bloomberg) -- HP Inc.’s board unanimously rejected Xerox Holdings Corp.’s unsolicited takeover proposal, saying the $22-a-share offer is too low and citing concerns about the smaller rival’s prospects in the printing industry.HP is “open to exploring” a merger but there are “fundamental questions that need to be addressed,” Chief Executive Officer Enrique Lores and Chairman Chip Bergh wrote in a letter to Xerox CEO John Visentin. They cited Xerox’s revenue decline since June 2018, “which raises significant questions for us regarding the trajectory of your business and future prospects.”HP pressed for access to Xerox’s books as a step toward any potential combination, which would unite iconic brands and reshape the printing industry. Norwalk, Connecticut-based Xerox is one of the biggest sellers of photocopiers, while Palo Alto, California-based HP is one of the world’s largest printer makers. A representative for Xerox wasn’t immediately available for comment.“With substantive engagement from Xerox management and access to diligence information on Xerox, we believe that we can quickly evaluate the merits of a potential transaction,” Lores and Bergh wrote. “We remain ready to engage with you to better understand your business and any value to be created from a combination,” they added.HP officials believe they can move quickly on due diligence because the two companies have had on-and-off-again conversations over the years, and even asked for such a review toward a potential combination back in September, according to people familiar with the situation who asked not to be identified. HP officials are open to any form of transaction that would create the most value for shareholders and may consider buying Xerox, the people said.HP’s statement included a Nov. 5 letter from Xerox outlining the offer of $17 a share in cash and 0.137 Xerox shares for each HP share, for a total transaction value of $33.5 billion. Xerox’s letter said the offer remained open until Nov. 13.A combination has had the support of investor Carl Icahn, who filings last week show had raised his stake in HP to 4.2% of shares outstanding in the third quarter. Icahn, in an interview last week with the Wall Street Journal, said he sees HP as undervalued and that a combination would benefit both companies through cost savings.A representative for Icahn wasn’t immediately available for comment Sunday.(Corrects sixth paragraph to remove reference to when HP’s board made decision)To contact the reporters on this story: Jim Silver in New York at jsilver@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Sebastian Tong at stong41@bloomberg.net, Matthew G. Miller, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
HP says open to exploring bid for Xerox
Xerox made the offer for HP, a company more than three times its size, on Nov. 5, after it resolved a dispute with its joint venture partner Fujifilm Holdings Corp that represented billions of dollars in potential liabilities. Responding to Xerox's offer on Sunday, HP said in a statement that it would saddle the combined company with "outsized debt" and was not in the best interest of its shareholders. "With substantive engagement from Xerox management and access to diligence information on Xerox, we believe that we can quickly evaluate the merits of a potential transaction," HP said in its statement.
- Zacks
10 Best Performing Stocks of S&P 500 ETF
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- Market Exclusive
Market Morning: Smith & Wesson To Split Off, Impeachment, Trade Chatter, Facebook Lowers Grades
American Outdoor Brands to Split With Smith & Wesson American Outdoor Brands (NASDAQ:AOBC) will be separating its gun business, run by Smith & Wesson, from its other outdoor products and accessories business, citing a change in the political climate. The split will be completed by the second half of 2020, just before any Democratic challenger […]The post Market Morning: Smith & Wesson To Split Off, Impeachment, Trade Chatter, Facebook Lowers Grades appeared first on Market Exclusive.
- Reuters
Icahn pushes for HP merger with Xerox - WSJ
Icahn, who owns a 10.6% stake in Xerox, disclosed a stake of 62.9 million shares of HP valued at $1.19 billion (£929.98 million) as of Sept. 30, in an SEC filing on Thursday. An HP spokesperson told Reuters the company is aware of Icahn's investment and is committed to doing what is in the best interests of all HP shareholders. Xerox made a roughly $33 billion cash-and-stock offer for HP, a company more than three times Xerox's size, Reuters reported last week.
- Reuters
Icahn pushes for Xerox-HP merger - WSJ
Nov 13 (Reuters) - Activist investor Carl Icahn is pushing for the proposed merger of Xerox Corp and HP Inc , arguing that a union of the printer makers could make big profits for investors, the Wall Street Journal reported on Wednesday.
- Bloomberg
Xerox Prepared to Offer 4 Weeks of Due Diligence to Win Over HP
(Bloomberg) -- Xerox Holdings Corp. is prepared to offer HP Inc. almost a month for the companies to examine each other’s books as it seeks to win over the computer and printer maker for a takeover offer, according to people familiar with the matter.Xerox, one of the biggest sellers of photocopiers, is willing to give HP four weeks of mutual due diligence so the companies can weigh the merits of the $22-a-share cash-and-stock deal as well as the envisioned cost savings of such a combination, said the people, who asked not to be identified because discussions are private.Whether the time or scope of the access to one another will be sufficient to for HP to agree to enter discussions with its smaller rival is unclear. People familiar with the matter said, however, that HP had offered Xerox a non-disclosure agreement in September, typically a precondition of due diligence, which had been refused.The people added that while both HP and Xerox have acknowledged privately there is some rationale for combining, there are potentially intractable disagreements about which should be the buyer and which the seller, which management team should run the pro forma company, and which has a healthier underlying business.Xerox, which had a market value of about $8 billion at the close of trading on Tuesday, is pushing ahead with a plan to acquire and manage bigger rival HP, which was worth about $27.3 billion before news broke on the potential deal. The offer of $22 a share is a premium of about 20% to HP’s close Tuesday.A representative for HP declined to comment. Caroline Gransee-Linsey, a spokeswoman for Xerox, didn’t immediately return a call and email outside of normal business hours.HP confirmed last Wednesday that Xerox made a takeover offer a day earlier, a potential union of two iconic brands that would reshape the printing industry. The pair have had conversations about a potential combination “from time to time,” Palo Alto, California-based company HP said in that statement. “We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye toward what is in the best interest of all our shareholders.”Citigroup Inc. has agreed to provide Xerox financing to swallow HP, a person familiar with the matter said. The company would likely need to take on at least $20 billion of debt to close the deal.HP, one of the world’s largest printer makers, and Norwalk, Connecticut-based Xerox are struggling as waning interest in office and consumer printing blunts their most profitable businesses. HP also has contended with a stagnant PC market.Xerox Deal for HP Would Just Be a Way to Print Money: Alex WebbBoth have responded with significant cost-cutting measures. HP’s new Chief Executive Officer Enrique Lores announced another restructuring that could remove as much as 16% of the workforce by the end of fiscal 2022, amid falling sales in printer ink. Xerox said it plans to cut $640 million in expenses this year. The copy-machine company expects a combined Xerox-HP entity could save at least $2 billion in expenses, according to the Wall Street Journal.Since splitting from server maker Hewlett Packard Enterprise Co. in 2015, HP has avoided big mergers and acquisitions. HP did, however, spend $1.05 billion for Samsung Electronics Co.’s printer unit to bolster its presence in the $55 billion photocopier market, where Xerox has excelled.\--With assistance from Caleb Melby.To contact the reporter on this story: Ed Hammond in New York at ehammond12@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Kevin Miller, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
Xerox (XRX) Hits Five-Year High on Possibility of HP Buyout
Xerox (XRX) believes that the industry is long overdue for consolidation and early movers will have distinct advantage.
- Business Wire
Xerox Closes Transactions with FUJIFILM
Xerox Holdings Corporation announced today that it has closed its previously announced transactions with FUJIFILM Holdings Corporation, which included:
- Bloomberg
HP Feels No Pressure to React Quickly to Xerox Takeover Bid
(Bloomberg) -- 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.Palo Alto, California-based HP confirmed in a statement Wednesday that it had received an offer, but didn’t comment on its level of support for a combination. The second-biggest maker of personal computers pledged to do “what is in the best interest of all our shareholders.”HP, one of the world’s largest printer makers, and Xerox, one of the biggest sellers of photocopiers, are struggling as waning interest in office and consumer printing has blunted both companies’ most profitable businesses. HP also has contended with a stagnant PC market.Both hardware makers have responded to the changing markets by cutting costs. HP’s new Chief Executive Officer Enrique Lores announced another restructuring that could remove as much as 16% of the workforce by the end of fiscal 2022, amid falling sales in its lucrative printer ink business. Xerox said it plans to cut $640 million in expenses this year. The copy-machine company, based in Norwalk, Connecticut, expects a combined Xerox-HP entity could save at least $2 billion in expenses, the people said.Xerox began building the business case for an HP acquisition months ago, said the people, who asked not to be identified discussing the strategy. The company sees a combined entity having enough market share in printers and photocopiers to rival Canon Inc., which has a significant presence in both markets, they said. Ricoh Co., another Japanese company, would be another major rival.What Bloomberg Intelligence Says“A merger with HP would create a behemoth printing and PC maker with nearly $70 billion in revenue. Though top-line growth challenges may remain in the intermediate term, synergies could help boost annual free cash toward $5 billion and enable future deleveraging.”\--Robert Schiffman, technology analystWith the unwinding this week of its half-century long joint venture with Fujifilm Holdings Corp., Xerox has lost a major distribution channel in Asia. HP has a large presence in Asia and can give Xerox a sales organization across the region, the people said. Xerox expect its dedicated sales staff for small and mid-sized businesses in the U.S. can help boost HP product revenue. A combined company would be able to sell or offer a subscription, for example, to Xerox photocopiers, HP printers and personal computers to those customers, the people said.A Xerox spokeswoman didn’t immediately respond to a request for comment. An HP spokeswoman declined to comment.The proposal made on Tuesday would give $17 a share to HP holders, as well as 0.137 Xerox shares for each HP share, for a combined estimated value of $22 a share, the people said. The Wall Street Journal reported the specifics of the offer earlier.(Updates with HP’s decline to comment in the eighth paragraph.)To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
HP Confirms Xerox Takeover Offer, But Isn’t Ready to Say Yes
(Bloomberg) -- HP Inc. confirmed that Xerox Holdings Corp. has made a takeover offer, a potential deal between two iconic names in technology that would reshape the printing industry.“We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination,” the Palo Alto, California-based company said Wednesday in a statement. “We received a proposal transmitted yesterday. We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye toward what is in the best interest of all our shareholders.”Citigroup Inc. has agreed to provide Xerox financing to swallow HP, a person familiar with the matter said. The company would likely need to take on at least $20 billion of debt to close the deal, which was reported earlier by the Wall Street Journal. HP’s market capitalization was about $27.3 billion at the close of trading on Tuesday, while Xerox’s was $8 billion, before news broke of the potential deal. Xerox had extended an offer at $22 a share, the Financial Times reported, a premium of about 20% to HP’s close Tuesday, before news of a potential takeover emerged.HP hasn’t decided whether the Xerox offer is the right deal, according to a person familiar with HP’s thinking. The PC maker doesn’t agree with Xerox on the potential synergies and has concerns about the debt needed for a deal, said the person, who asked not to be identified speaking publicly about internal talks. Even if HP decides a combination is worthwhile, it isn’t convinced Xerox has the relevant experience for a complex merger and doesn’t think Xerox should be the buyer, the person said.HP, one of the world’s largest printer makers, and Xerox, one of the biggest sellers of photocopiers, are struggling as waning interest in office and consumer printing has blunted both companies’ most profitable businesses. HP also has contended with a stagnant PC market.Xerox Deal for HP Would Just Be a Way to Print Money: Alex WebbBoth hardware makers have responded to the changing markets with significant cost-cutting measures. HP’s new Chief Executive Officer Enrique Lores announced another restructuring that could remove as much as 16% of the workforce by the end of fiscal 2022, amid falling sales in its lucrative printer ink business. Xerox said it plans to cut $640 million in expenses this year. The copy-machine company, based in Norwalk, Connecticut, expects a combined Xerox-HP entity could save at least $2 billion in expenses, according to the Journal.“Financing a $30 billion HP transaction with mostly debt may be challenging for Xerox, but not an insurmountable obstacle,” Robert Schiffman, an analyst at Bloomberg Intelligence, wrote Wednesday in a note.In its statement, HP expressed confidence in its plan for the future.“We have great confidence in our multi-year strategy and our ability to position the company for continued success in an evolving industry, particularly given the multiple levers available to drive value creation,” HP said.Since splitting from server maker Hewlett Packard Enterprise Co. in 2015, HP has avoided big mergers and acquisitions. The company has focused on financial discipline, minimizing debt and returning capital to shareholders in an operating template set by former Hewlett-Packard Co. CEO Meg Whitman. HP did, however, spend $1.05 billion for Samsung Electronics Co.’s printer unit to bolster its presence in the $55 billion photocopier market, where Xerox has excelled.Separately, Xerox announced Tuesday that it would get $2.3 billion from longtime partner Fujifilm Holdings Corp. for its stake in their joint venture, Fuji Xerox. The U.S. company had indicated since last year that it intended to end its ties with the Japanese company after a complex merger transaction fell apart.(Updates with reported bidding price from the third paragraph)To contact the reporters on this story: Nico Grant in San Francisco at ngrant20@bloomberg.net;Ed Hammond in New York at ehammond12@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Andrew Pollack, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- GlobeNewswire
HP Issues Statement Addressing Market Speculation
Against this backdrop, we have had conversations with Xerox Holdings Corporation (XRX) from time to time about a potential business combination. This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions.
- Zacks
Headline Roundup
Earnings are in full effect and companies are making moves. Now that the trade war has settled down, it's time to focus on what's important... EARNINGS!
- Baystreet
Market Movers: Oncolytics Biotech, Xerox and Office Depot
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