Xerox first proposed acquiring HP on November 5th, offering $22 per share, which the HP board of directors unanimously rejected November 17th as it “significantly undervalues HP.”
Xerox and Fujifilm have announced the dissolution of their 57-year joint venture, Fuji Xerox. Xerox has agreed to sell its 25% stake in Fuji Xerox and its 51% stake in Xerox International Partners to the Japanese company for $2.3B. Fujifilm will also drop its $1B lawsuit against Xerox for breach of contract when the $6.1B merger deal dramatically fell apart in 2018.
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As we noted in February, Xerox began quietly shuttering about half of Xerox Business Systems (formerly Global Imaging Systems) offices. CRN quoted one of the affected office workers saying, “We were told that sales would remain, but the office staff would be let go. The sales team is going to work remotely and report to the regional office.” About a month later came the March 19th announcement that Xerox would be outsourcing many of its support roles to India. Xerox signed a seven-year agreement for an incremental $1.3 billion with HCL Technologies in which the Indian company will manage global administrative and support functions including IT and finance functions (excluding accounting).
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