HP Inc. (NYSE: HPQ) today 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:
January 8, 2020
John VisentinVice Chairman and CEOXerox Holdings Corporation201
Merritt 7 Norwalk, CT 06851-1056
CC: Keith Cozza, Chairman of Xerox Holdings Corporation;
President and Chief Executive Officer, Icahn Enterprises L.P.
Dear John,
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,
[Signature] |
[Signature] |
Enrique Lores |
Chip Bergh |
Forward-Looking StatementsThis document
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.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements,
including any statements of expectation or belief; any statements
relating to the plans, strategies and objectives of management for
future operations; any statements concerning the expected
development, performance, market share or competitive performance
relating to products or services; any statements regarding current
or future macroeconomic trends or events and the impact of those
trends and events on HP and its financial performance; and any
statements of assumptions underlying any of the foregoing.
Risks, uncertainties and assumptions include factors relating to
the need to address the many challenges facing HP’s businesses; the
competitive pressures faced by HP’s businesses; risks associated
with executing HP’s strategy and business model changes;
successfully innovating, developing and executing HP’s go-to-market
strategy, including online, omnichannel and contractual sales, in
an evolving distribution and reseller landscape; successfully
competing and maintaining the value proposition of HP’s products,
including supplies; the impact of macroeconomic and geopolitical
trends and events; the need to manage third-party suppliers, manage
HP’s global, multi-tier distribution network, limit potential
misuse of pricing programs by HP’s channel partners, adapt to new
or changing marketplaces and effectively deliver HP’s services;
challenges to HP’s ability to accurately forecast inventories,
demand and pricing, which may be due to HP’s multi-tiered channel,
sales of HP’s products to unauthorized resellers or unauthorized
resale of HP’s products; the protection of HP’s intellectual
property assets, including intellectual property licensed from
third parties; risks associated with HP’s international operations;
the development and transition of new products and services and the
enhancement of existing products and services to meet customer
needs and respond to emerging technological trends; the execution
and performance of contracts by HP and its suppliers, customers,
clients and partners; the hiring and retention of key employees;
integration and other risks associated with business combination
and investment transactions; the results of the restructuring
plans, including estimates and assumptions related to the cost
(including any possible disruption of HP’s business) and the
anticipated benefits of the restructuring plans; the impact of
changes in tax laws, including uncertainties related to the
interpretation and application of the Tax Cuts and Jobs Act of 2017
on HP’s tax obligations and effective tax rate; the resolution of
pending investigations, claims and disputes; and other risks that
are described in HP’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2019, and HP’s other filings with the
SEC.
HP assumes no obligation and does not intend to update these
forward-looking statements. HP’s Investor Relations website
at http://investor.hp.com contains a significant amount
of information about HP, including financial and other information
for investors. HP encourages investors to visit its website from
time to time, as information is updated, and new information is
posted.
About HP Inc. HP Inc. (NYSE: HPQ) creates
technology that makes life better for everyone, everywhere. Through
our product and service portfolio of personal systems, printers and
3D printing solutions, we engineer experiences that amaze. More
information about HP Inc. is available at www.hp.com.
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