Xerox ends hostile takeover attempt of HP, citing coronavirus

Xerox Holdings Corp. (NYSE: XRX) is dropping its $30 billion bid to acquire Palo Alto-based HP Inc. (NYSE: HPQ), which has a significant presence in Houston, the Connecticut-based printer company announced March 31 after several months of pursuing a hostile takeover of its larger rival.

Xerox cited the coronavirus pandemic and resulting market turmoil as the deciding factor in pulling its bid.

“While it is disappointing to take this step, we are prioritizing the health, safety and wellbeing of…