XRX - Xerox Holdings Corporation

NYSE - NYSE Delayed Price. Currency in USD
37.33
+0.04 (+0.11%)
At close: 4:05PM EST
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Previous Close37.29
Open37.37
Bid0.00 x 900
Ask0.00 x 2200
Day's Range37.00 - 37.48
52 Week Range23.17 - 39.47
Volume2,329,011
Avg. Volume2,297,503
Market Cap8.07B
Beta (5Y Monthly)1.77
PE Ratio (TTM)13.17
EPS (TTM)2.84
Earnings DateJan. 26, 2020 - Jan. 30, 2020
Forward Dividend & Yield1.00 (2.68%)
Ex-Dividend DateDec. 28, 2019
1y Target Est42.67
  • Should Value Investors Buy Xerox Corporation (XRX) Stock?
    Zacks

    Should Value Investors Buy Xerox Corporation (XRX) Stock?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Xerox Can't Just Copy the Same Offer for HP
    Bloomberg

    Xerox Can't Just Copy the Same Offer for HP

    (Bloomberg Opinion) -- Xerox Holdings Corp. is best known for inventing the modern photocopier. When it comes to the company’s $33 billion attempt to acquire HP Inc., Chief Executive Officer John Visentin needs to do more than simply copy and repeat the same terms.It has been almost two months since larger rival HP rejected Xerox’s initial bid. Since then, little in the substance of the offer has changed. Xerox has assuaged some of HP’s concerns about financing by obtaining bridge loan commitments for the cash part of the bid. But the fundamental offer remains the same: $17 in cash and 0.137 of a Xerox share for each HP share, for a total value of about $22 a share.Xerox is trying other methods to push a deal through. It has solicited support from HP’s shareholders. Carl Icahn, the activist who’s Xerox’s biggest investor and helped appoint the current board, has taken a stake in HP to build momentum. And, perhaps most significant, the possibility of a proxy fight is looming in which the Xerox camp would submit a slate of directors who are more likely to favor the existing deal terms to replace the current HP board.The problem with that approach comes down to one factor: time. HP announced a restructuring program in October that will cut as much as 16% of its workforce. The longer a proxy battle endures, the longer HP has to carry out its turnaround plan. If it proves successful, its share price might recover, strengthening the Palo Alto, California-based company’s negotiating position.So far, HP has refused to engage in formal discussions. Xerox’s priority must be to change that. The first rule of negotiating is usually to create a deal that both parties feel good about. Were Visentin to sweeten the offer and value HP closer to $35 billion, it would give his counterpart at HP, Enrique Lores, reason to come to the negotiating table. After all, his most recent rejection of the Xerox approach focused solely on the price.How such an increase would be funded is the tricky part. More cash might increase debt beyond investment-grade levels. And even a small bump in the equity component would result in HP shareholders owning the majority of the new entity: Offering 0.18 Xerox share each and the same amount of cash would value HP at $35 billion but give its shareholders 55% ownership. Some version of the latter option seems more viable. HP is by far the bigger company and has previously discussed an acquisition of Xerox.HP could still decide to buy back stock. Repurchasing 20% of its shares at $23 each would generate just as much short-term value for investors and cost less than $7 billion; HP has plenty of capacity to raise the debt to fund such a move. But Lores has not yet invoked that option, suggesting that he perceives some strategic value in a tie-up. That might give Visentin reason for hope. But to realize it, he needs to dig a little deeper.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Investing.com

    Pre-market Movers - Bed, Bath & Beyond and JC Penney in focus

    Investing.com - Wall Street is set to start strongly higher Thursday, as investors celebrate the restraint shown by U.S. President Donald Trump in proposing further sanctions on Iran rather than military action after missiles strikes against U.S. troops in Iraq. With this deescalation of tensions in the region, attention can focus on the fundamentals surrounding individual stocks. With this in mind, here are some companies which are likely to be in focus today.

  • Bloomberg

    HP Again Rejects Takeover Offer From Xerox

    (Bloomberg) -- HP Inc. again rejected an unsolicited takeover offer from Xerox Holdings Corp., saying the potential deal “significantly undervalues” the personal-computer maker.Xerox said Monday it had secured $24 billion of financing for a potential acquisition of Palo Alto, California-based HP. The debt commitment “is not a basis for discussion,” HP said Wednesday in a letter to Xerox Chief Executive Officer John Visentin. “The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.”Xerox said Citigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. provided the financing for the Norwalk, Connecticut-based printer maker to pursue its $22-per-share cash-and-stock acquisition bid.HP has repeatedly snubbed the offer, saying its announced restructuring plan will provide greater value to shareholders. Xerox has left open the possibility of sparking a proxy fight or introducing a tender offer to close the deal.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 PollackFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • Xerox Lines Up $24 Billion M&A Loan in Pursuit of Deal with HP
    Bloomberg

    Xerox Lines Up $24 Billion M&A Loan in Pursuit of Deal with HP

    (Bloomberg) -- Xerox Holdings Corp. has arranged a $24 billion loan with a group of banks as it continues a pursuit of HP Inc.It’s the largest-ever bridge loan in the technology sector, surpassing International Business Machines Corp.’s $20 billion facility in 2018 for its acquisition of Red Hat Inc., according to data compiled by Bloomberg. The rankings exclude the $51.2 billion bridge loan, which was part of a larger $100 billion debt financing for the failed Broadcom Inc. takeover of Qualcomm Inc. The deal was blocked by President Donald Trump.The Xerox bridge is also the first jumbo acquisition financing to emerge in the investment-grade loan market this year, which will be welcome news to banks hoping for more merger activity in 2020 after the pipeline dwindled last year.Read more: U.S. investment grade loans set for strong 2020 despite slow M&ACitigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. have provided the debt commitment. It’s comprised of a $19.5 billion 364-day facility, which is expected to be syndicated, and a $4.5 billion 60-day facility intended to be replaced by cash on HP’s balance sheet, according to a filing.Companies typically replace bridge loans with bonds before a deal is completed.The debt pledge is intended “to remove any doubt” about Xerox’s ability to raise financing, according to a public letter sent on Monday from Xerox Chief Executive Officer John Visentin to HP’s board of directors.The letter referenced conversations with HP’s largest shareholders that revealed HP, based in Palo Alto, California, and its advisers had questioned Xerox’s ability to raise the money needed to finance the acquisition.A representative for Xerox declined to comment.Norwalk, Connecticut-based Xerox initially lined up financing from Citigroup in November, Bloomberg reported. But HP rejected the initial offer saying the price was too low. The computer company also declined Xerox’s request to open its financial books and questioned whether the smaller suitor could raise the funding.The $4.5 billion facility offers an initial margin of the London interbank offered rate plus 1.25%, while the opening pricing for the $19.5 billion facility is Libor plus 1.375%. Existing ratings are BB+ from S&P Global Ratings and Ba1 from Moody’s Investors Service.Xerox, known for making copier machines, became a fallen angel in 2018 after both S&P and Moody’s downgraded the company to high-yield amid challenges in the sector and falling revenue. Personal computer maker HP is rated Baa2 by Moody’s and BBB by S&P.Xerox last raised a $2.5 billion bridge loan in 2018 for its purchase of Japan’s Fujifilm with a margin of Libor plus 1.375%. It carried higher ratings of Baa3 from Moody’s and BBB- from S&P at the time.“Though Xerox’s assertion that the combined company is expected to have an investment grade credit rating may remain in question, funding should no longer be a concern following $24 billion in binding financing commitments,” Bloomberg Intelligence analyst Robert Schiffman wrote on Monday.\--With assistance from Lara Wieczezynski and Deana Kjuka.To contact the reporters on this story: Paula Seligson in New York at pseligson@bloomberg.net;Jacqueline Poh in London at jpoh39@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • Xerox, WW International, Bed Bath & Beyond, Little Caesars, Disney: Companies to Watch
    Yahoo Finance

    Xerox, WW International, Bed Bath & Beyond, Little Caesars, Disney: Companies to Watch

    Xerox, WW International, Bed Bath & Beyond, Little Caesars and Disney are the companies to watch.

  • Business Wire

    Xerox Secures $24 Billion in Binding Financing Commitments for HP Acquisition

    Xerox Holdings Corporation sent a letter to the Board of Directors of HP Inc. confirming that it has obtained $24 billion in binding financing.

  • 9 Top-Performing Stocks of the S&P 500 ETF in 2019
    Zacks

    9 Top-Performing Stocks of the S&P 500 ETF in 2019

    If Santa rally grips Wall Street in the final days of December, the S&P 500 could see the best year since 1997. These stocks helped the index to hit the highs.

  • Bloomberg

    Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says

    (Bloomberg) -- A Xerox Holdings Corp. shareholder sued Carl Icahn and an investment vehicle he controls, alleging they bought $1.2 billion worth of HP Inc. shares knowing that Xerox was considering acquiring the stock at a premium.The Miami Firefighters Relief and Pension Fund filed the lawsuit in New York state court in Manhattan on Friday, alleging Icahn, Icahn Capital LP and High River Limited Partnership breached their fiduciary duties to Xerox by buying HP stock with the knowledge that “Xerox was either considering making an offer to purchase HP, had already approached HP about a possible merger into or acquisition by Xerox, or of the obvious merits of Xerox’s potential acquisition of HP.”A representative for Icahn was not immediately available for comment.Icahn Capital is Xerox’s largest shareholder, owning almost 11% of the stock as of September 30. Icahn late that month disclosed that Icahn Capital and High River together owned more than 62.9 million shares of HP, making Icahn the fifth-largest shareholder in the company.A previous disclosure by Icahn in August listed no HP stock as of June 30. While the date of Icahn’s purchases were not revealed, an analyst speculated two days after the end of the third quarter that an activist investor might be targeting HP shares citing reasons including a “huge spike” in trading volume without an obvious reason, according to the suit.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, or about $33 billion. Icahn earlier this month urged HP to push ahead with takeover talks, arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.” Xerox has taken its case directly to shareholders, saying the takeover would create as much as $1.5 billion in potential revenue growth, according a presentation to investors made public earlier this week.Read More: Icahn Urges HP to Move Forward With Xerox Merger Discussions(Updates with details from complaint.)\--With assistance from Scott Deveau.To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at cdolmetsch@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Anthony LinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Xerox expects revenue growth of up to $1.5 billion with HP takeover
    Reuters

    Xerox expects revenue growth of up to $1.5 billion with HP takeover

    The presentation, addressed to HP shareholders, comes two weeks after Xerox said it was planning to take its $33.5 billion buyout bid directly to HP shareholders after HP refused to open its books for due diligence. Xerox said revenue growth of $1 billion to $1.5 billion can be achieved through a three-year roadmap, which involves cross-selling products and streamlining operations. The combined company will have a free cash flow of more than $4 billion in the first year before any synergies, Xerox added.

  • Bloomberg

    Xerox Woos HP Holders With $1.5 Billion Sales Growth Target

    (Bloomberg) -- Xerox Holdings Corp. believes its proposed HP Inc. takeover would create as much as $1.5 billion in potential revenue growth, according a presentation to HP’s shareholders made public Monday.The printer maker outlined its case for a tie-up between the companies, arguing the combined firm will be worth about $31 a share to HP investors on a pro-forma basis. The merged entity will generate more than $4 billion in free cash flow in the first year before taking any synergies into account, according to the presentation, confirming a report in Bloomberg News.“The value of the transaction goes beyond economics. In consolidating industries, first movers not only win but also have an opportunity to reshape the competitive landscape in an enduring way,” John Visentin, Xerox’s chief executive officer, said in the presentation.Xerox has already said it believes the combination would create roughly $2 billion in synergies, which it argues could be achieved in 24 months. Those savings could be achieved through streamlining their operations by reducing the number of suppliers the combined company would use, cost reductions on information technology and reducing its real estate footprint, among other measures.The presentation for HP shareholders goes further, saying a merger of their operations would allow cross-selling and a unified platform for clients. That could yield an estimated $1 billion to $1.5 billion revenue growth, Xerox said.To get to this amount, Xerox says it has a three-year roadmap that includes generating $540 million to $750 million from pitching complementary products to existing clients, $50 million to $100 million from manufacturing and distribution efficiencies and $350 million to $400 million from integrating HP products into Xerox’s office-as-a-service offerings.It also said there could be $300 million to $400 million in growth from Xerox’s services and software and $150 million to $300 million from offering Xerox’s leasing options to HP customers. A representative for Xerox declined to comment, while a representative for HP couldn’t immediately comment.HP’s shares were little-changed at $20.50 at 9:58 a.m. Monday, while Xerox rose less than 1% to $37.99.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, arguing it undervalued the company and citing concerns about the health of its smaller rival’s business. Xerox said it planned to take its case straight to HP’s shareholders after the Palo Alto-based hardware maker refused to grant the mutual due diligence it requested.The presentation to be released publicly Monday is the first step in that effort, and Visentin will start meeting some HP shareholders this week to sell the plan. Xerox has asked for three weeks of mutual due diligence in order to validate its case for a tie-up, noting in the presentation it expects no financing conditions and no regulatory risks.JPMorgan Chase & Co. analysts said this month that a merger carried risks and could cause some near-term downside in both stocks. Their Dec. 3 note added that the deal would leave investors more exposed to “a declining printer business.”Activist investor Carl Icahn, who owns as stake in both companies, called on HP last week to push ahead with the talks, calling the deal a “no-brainer.” He accused the company’s directors and management of seeking to preserve their own jobs instead of protecting shareholders’ interests. He argued HP’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.”Icahn is Xerox’s largest holder with a nearly 11% stake in the Norfolk, Connecticut-based company. He also owns a 4.2% of HP, making him its fifth-largest holder, according to data compiled by Bloomberg.(Updates with details of presentation starting in first paragraph)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Fion Li, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • UPDATE 1-Carl Icahn urges HP shareholders to reach out to board
    Reuters

    UPDATE 1-Carl Icahn urges HP shareholders to reach out to board

    Activist investor Carl Icahn on Wednesday urged the shareholders of HP Inc who agree with the merger with Xerox Holdings Corp to reach out to the personal computer maker's directors for immediate action. "HP shareholders deserve the opportunity to decide for themselves whether a combination with Xerox makes sense before the idea is summarily rejected by HP's board," Icahn said. Icahn, who has 10.85% stake in Xerox and 4.24% in HP, said the combination could yield over $2 billion in cost savings.

  • Icahn Urges HP to Move Forward With Xerox Merger Discussions
    Bloomberg

    Icahn Urges HP to Move Forward With Xerox Merger Discussions

    (Bloomberg) -- Carl Icahn is urging HP Inc. to push ahead with takeover talks with Xerox Holdings Corp., arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.”A tie-up between the companies could yield more than $2 billion in synergies, the billionaire investor said in a letter addressed to HP shareholders Wednesday.“It is absurd for the HP board and management team, with such a history of underperformance and missteps, to claim to have had a sudden epiphany and now expect shareholders to trust them to execute a standalone restructuring plan,” Icahn said in the letter confirming an earlier report from Bloomberg.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, or about $33 billion. Xerox plans to go to HP shareholders to present its case for a deal. Icahn, who owns stakes in both companies, said he was perplexed over HP’s board and management refusing Xerox’s proposal for mutual due diligence to explore a takeover.HP’s decision to stonewall Xerox is also irrational and not in the best interest of shareholders, Icahn said.“I can say without exaggeration that the combination of HP and Xerox is one of the most obvious no-brainers I have ever encountered in my career -- one where activism should not even be necessary at all because the merits of the combination are so obvious to everybody involved,” Icahn said.The deal will likely get done but the process will stretch out for a little while, according to Anand Srinivasan, senior technology analyst with Bloomberg Intelligence.“Partially, the reticence is the structure of the deal,” he said in an interview. “Who’s in charge? Who’s not? Who’s buying whom? The other part of it is to maybe push up the premium and play a little harder to get.”Icahn urged his fellow shareholders to reach out to HP’s directors and let them know that immediate action is needed to explore this opportunity.A representative for Xerox declined to comment. A representative for HP wasn’t immediately available for comment.HP’s shares, which have fallen about 14% over the past year, rose 1.5% in trading Wednesday to C$19.93 a share as of 9:36 a.m. in New York. Xerox’s shares rose nearly 1%.Icahn is the largest shareholder in Xerox, with a nearly a 11% stake. He also owns 4.2% stake in HP, making him its fifth-largest holder, according to data compiled by Bloomberg.HP has said it’s open to exploring a deal, but only if it can do due diligence on Xerox. Xerox, in turn, has requested that HP opens its own books in order to proceed with the talks.Icahn said he sees no downside to granting mutual due diligence. He also wondered whether HP was refusing the request as a delaying tactic so that its chief executive officer and board members could keep their jobs.“I cannot believe that the recalcitrance of HP’s board is driven by any real confidence in its standalone restructuring plan, which the market, shareholders and analysts met with extreme indifference,” he said.HP has argued the proposal undervalues the company. It also raised concerns about Xerox’s ability to raise the necessary capital and its debt load as reasons for not granting Xerox mutual due diligence.(Updates with analayst comments in paragraph seven, share prices in eleventh paragraph.)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    Xerox Falls on Downward Guidance for 2019

    Investing.com - Xerox (NYSE:XRX) tumbled in midday trade on Tuesday after it lowered its guidance for 2019 due to ending its Fujifilm relationship.

  • TEST Business Wire Releases

    Xerox CEO and CFO to Speak at the Credit Suisse 23rd Annual Technology Conference

    Xerox Holdings Corporation Vice Chairman & CEO John Visentin and Bill Osbourn, executive vice president and CFO, at Credit Suisse Tech Conference.

  • Dell CFO says 'pleased' with earnings results
    Yahoo Finance

    Dell CFO says 'pleased' with earnings results

    Yahoo Finance speaks with Dell CFO Tom Sweet about its latest earnings and the health of Corporate America.

  • Xerox tells HP it will bring takeover bid directly to shareholders
    TechCrunch

    Xerox tells HP it will bring takeover bid directly to shareholders

    Xerox fired the latest volley in the Xerox -HP merger letter wars today. Xerox CEO John Visentin wrote to the HP board that his company planned to take its $33.5 billion offer directly to HP shareholders.

  • HP Projects Strong Profit After Spurning Xerox Takeover Bid
    Bloomberg

    HP Projects Strong Profit After Spurning Xerox Takeover Bid

    (Bloomberg) -- HP Inc. gave a profit forecast that topped Wall Street estimates, projecting optimism that a broad restructuring will pay off while spurning a takeover offer from Xerox Holdings Corp.Profit, excluding some items, will be $2.24 a share to $2.32 a share in fiscal 2020, the Palo Alto, California-based company said Tuesday in a statement. Analysts, on average, estimated $2.24, according to data compiled by Bloomberg. In the fiscal fourth quarter, the hardware maker’s sales and adjusted profit topped analysts’ projections.HP’s earnings report comes in the midst of an increasingly contentious debate with Xerox about a blockbuster combination that would reshape the printing industry. Xerox said Tuesday it plans to go directly to HP’s shareholders, adding that HP’s refusal to engage on the $22-a-share offer “defies logic.”On Sunday, HP reiterated its stance that it has many options to create value for shareholders, other than accepting the offer valued at more than $33 billion in cash and stock, and wasn’t “dependent on a Xerox combination.”“The results show that our strategy is working and we’re driving both short- and long-term value creation,” Chief Executive Officer Enrique Lores said in a press briefing.Fiscal fourth-quarter revenue came in at $15.4 billion, little changed from a year ago, and ahead of analysts’ average estimate of $15.3 billion.Shares gained about 2.5% in extended trading after the results were announced. Earlier, the stock closed at $20.06 in New York and has declined about 2% this year.Xerox has made a move for HP to consolidate the printing business at a time when both companies are stumbling. HP’s printing division, a major source of profit, has seen falling sales because of weaker demand for ink supplies. HP has announced a major restructuring to stabilize the company, which could result in as much as a 16% reduction of its workforce by the end of fiscal 2022.“Related to Xerox, I feel like we have seen this movie before when Carl Icahn meddled with Dell in a similar way,” said Patrick Moorhead, an analyst at Moor Insights & Strategy. “Xerox is a third of the size of HP, has been steadily declining in revenue, is running out of options, and needs HP more than HP needs it.”In the period ended Oct. 31, sales in the printing division fell 6% to $4.98 billion, with ink supplies dropping 7%. Consumer revenue declined 10% and commercial sales decreased 2%.“We continue to lead in a tough market,” Lores said of the printing industry. “We continue to grow in the categories that we consider important,” such as managed print services and instant-ink delivery services.Revenue from personal computers increased 4% to $10.4 billion, with 8% growth in commercial revenue offsetting a 4% decline in consumer sales. Corporate clients are upgrading their computers to adopt Microsoft Corp.’s Windows 10 operating system.(Updates with comments from analyst in the ninth 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, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Why HP Rejected a Takeover Offer From Xerox...Again
    Bloomberg

    Why HP Rejected a Takeover Offer From Xerox...Again

    Jan.09 -- HP Inc. again rejected an unsolicited takeover offer from Xerox Holdings Corp., saying the potential deal “significantly undervalues” the personal-computer maker. Bloomberg's Liana Baker has more on "Bloomberg Markets: The Close."

  • Xerox ready to go hostile
    Reuters Videos

    Xerox ready to go hostile

    Xerox is ready to go hostile. The printer and copier maker said Tuesday it was planning to take its $33.5 billion buyout bid directly to HP shareholders. In a letter to HP's board, Xerox said, "We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity." HP's refusal to open its books for due diligence before a Monday deadline triggered Xerox's latest response. It all began when Xerox made a bid to buy its much larger rival on November 5. HP, which makes printers and printing supplies, rejected Xerox's $22 per share offer, saying it "significantly undervalues" HP and would saddle the combined company with what it termed "outsized debt." Last week, Xerox threatened to take its bid hostile, if HP did not agree to a "friendly" discussion and open its books before Monday. Shares of HP fell to $19.74 a share in early trading Monday. Xerox drifted lower.