HP, Fighting Hostile Takeover From Xerox, Temporarily Expands Board to 13
February 27 2020 - 05:01PM
Dow Jones News
By Maria Armental
HP Inc. appointed tech veteran Rick Clemmer to its board,
temporarily expanding the board to 13 members, the company said
Thursday.
The Silicon Valley company, which is fighting a hostile takeover
from Xerox Holdings Corp., said it has given Xerox notice that it
has 10 days to nominate an additional candidate.
Xerox, as part of its bid to gain control of HP, is seeking to
overhaul HP's board and has said it would take its bid directly to
HP shareholders through what is known as a tender offer.
Xerox most recently raised the offer to $18.40 a share in cash
and a 0.149 Xerox share.
With Mr. Clemmer, chief executive and executive director of NXP
Semiconductors NV, HP's board will temporarily include 13 directors
as former HP CEO Dion Weisler remains on the company's board until
the annual meeting of stockholders.
"Rick has a proven record of balancing disciplined cost cutting
with growth investments, including through strategic transactions,
that we believe will be additive to HP," said in a statement Chip
Bergh, HP's board chairman.
HP is yet to file its proxy and announce the date of the annual
meeting.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 27, 2020 16:46 ET (21:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Xerox (NYSE:XRX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Xerox (NYSE:XRX)
Historical Stock Chart
From Mar 2023 to Mar 2024