HP Sends Letter to Xerox

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Expresses Confidence in Its Own Value-Creating Opportunities and Will Not Consider Combining with Xerox Without Due Diligence

HP Inc. (NYSE: HPQ) today announced that HP has sent a letter to Xerox Holdings Corporation in response to Xerox’s November 21, 2019 letter.

Following is the full text of the letter that was sent on November 24, 2019:
November 24, 2019

John Visentin

Vice Chairman and CEO

Xerox Holdings Corporation

201 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,
 The HP Board of Directors has reviewed and considered your November 21 letter, which has provided no new information beyond your November 5 letter. We reiterate that we reject Xerox’s proposal as it significantly Editorial contacts HP Inc. Media Relations MediaRelations@hp.com HP Inc. Investor Relations InvestorRelations@hp.com undervalues HP. Additionally, it is highly conditional and uncertain. In particular, there continues to be uncertainty regarding Xerox’s ability to raise the cash portion of the proposed consideration and concerns regarding the prudence of the resulting outsized debt burden on the value of the combined company’s stock even if the financing were obtained. Consequently, your proposal does not constitute a basis for due diligence or negotiation.

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