Xerox is launching the company's hostile takeover of HP by proposing to replace the PC maker's board of directors with its own slate of candidates.
Xerox plans on nominating the 11 candidates during HP's annual stockholders meeting, which usually takes place in April. If shareholders elect them, the new board will presumably clear the way for Xerox to buy up the PC maker for $33.5 billion.
"HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates," Xerox CEO John Visentin said in Thursday's announcement.
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