Xerox said on Tuesday that it is ending its hostile bid to acquire printer-and-PC maker HP due to financial complications arising from the ongoing COVID-19 coronavirus pandemic.
"The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc," the company said in a statement.
"Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors."
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