HP Inc. (NYSE: HPQ) announced that HP has sent a letter to Xerox Holdings Corporation in response to Xerox’s January 6, 2020, letter.
The full text of HP’s letter is below:
Vice Chairman and CEO
Xerox Holdings Corporation
201 Merritt 7 Norwalk, CT 06851-1056
CC: Keith Cozza, Chairman of Xerox Holdings Corporation; President and Chief Executive Officer, Icahn Enterprises L.P.
We reiterate that the HP Board of Directors’ focus is on driving sustainable long-term value for HP shareholders. Your letter dated January 6, 2020 regarding financing does not address the key issue – that Xerox’s proposal significantly undervalues HP – and is not a basis for discussion. The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.
On behalf of the Board of Directors,
Enrique Lores Chip Bergh