Xerox Holdings Corporation said that the current global health crisis and resulting macroeconomic and market turmoil caused by Covid-19 have created an environment that is not conducive to it to continue to pursue an acquisition of HP.

Accordingly, it is withdrawing our tender offer to acquire HP and will no longer seek to nominate its slate of highly qualified candidates to HP’s Board of Directors, Xerox said in a statement on its website.

“While it is disappointing to take this step, we are prioritizing the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations,” it added.

“There remain compelling long-term financial and strategic benefits from combining Xerox and HP. The refusal of HP’s Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction.” – TradeArabia News Service