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March 13, 2020, 8:47 a.m. EDT

Xerox says it will press pause on various HP takeover efforts as coronavirus situation escalates

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By Emily Bary

Xerox Corp. /zigman2/quotes/201169674/composite XRX +4.41% announced Friday that it will postpone media interviews, presentation releases, and shareholder meetings related to its takeover battle with HP Inc. /zigman2/quotes/203461582/composite HPQ +5.71% as the company deals with the fallout from the novel coronavirus. "In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP," Chief Executive John Visentin said in a release. The company also said in its release that it "does not consider the market decline since the date of its offer or the temporary suspension of trading in HP shares that occurred on March 10, 2020 and March 12, 2020 as a result of market-wide circuit breakers procedures to constitute a failure of any condition to its offer to acquire HP." Xerox shares are up 6.7% in premarket trading Friday, while HP shares are up 4.6%. Xerox's stock has shed 37% over the past month, as HP's stock has fallen 21% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.62% has lost 26%.

/zigman2/quotes/201169674/composite
US : U.S.: NYSE
$ 18.46
+0.78 +4.41%
Volume: 5.45M
June 5, 2020 4:00p
P/E Ratio
7.06
Dividend Yield
5.42%
Market Cap
$3.76 billion
Rev. per Employee
$303,395
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/zigman2/quotes/203461582/composite
US : U.S.: NYSE
$ 17.41
+0.94 +5.71%
Volume: 19.40M
June 5, 2020 4:00p
P/E Ratio
8.55
Dividend Yield
4.05%
Market Cap
$23.55 billion
Rev. per Employee
$1.07M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,193.93
+81.58 +2.62%
Volume: 4.77B
June 5, 2020 4:19p
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