Investing.com - Xerox will reportedly pull its bid to buy rival HP amid concerns about its financial ability to pull off the deal in the wake of the coronavirus-led economic disruptions.
HP (NYSE:HPQ) was down 1.2% and Xerox (NYSE:XRX) was up 0.21% in postmarket trading.
The move will see Xerox end its proxy war to replace the HP's board, The Wall Street Journal reported, citing people familiar with the matter.
HP had repeatedly rejected Xerox advances, deeming the lastest $35 billion offer too risky and arguing that it undervalued the company.
The offer would leave Xerox "burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company,” HP Chairman Chip Bergh said earlier this month.