Xerox executives claim they have not seen a slowdown in spending from clients.
Xerox’s interim CEO Steve Bandrowczak, said during the second quarter earnings call that the company was seeing signs of supply chain improvements and resilience.
He said given the strength in demand across Xerox products and services, and margin improvements through price increases and cost reductions, the company is maintaining its 2022 revenue and free cash flow guidance.
Xerox has picked up UK-based print, digital marketing and communication services provider Go Inspire to bulk out its service operation.
Go Inspire has a customer base that stretches across EMEA and offers Xerox a chance to expand its digital services capabilities, it appears.
Xerox UK & Ireland managing director and senior vice-president for EMEA global document services Darren Cassidy said Go Inspire’s capabilities will support the transformation of our transactional and direct mail services into multi-channel communications, accelerate growth in EMEA and create new avenues for us to help current and new clients.
SMEs are planning to invest in more automation and security tools according to a survey penned by copier outfit Xerox.
A Xerox survey of SMEs across the UK, US and Canada has found that as the world starts to mull over exiting the pandemic, 85 percent of customers are now more reliant on the channel for support, using more comms technology and after investing in security hardware and software.
The Xerox State and fate of small and medium business survey adds to a growing number of surveys and anecdotal examples pointing to rising confidence across the SME sector.
Xerox has given up on its plan to take over HP citing the “global health crisis and resulting macroeconomic and market turmoil caused by COVID-19”.
The company said that all this has created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP.
“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. While it is disappointing to take this step, we are prioritising the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations”, the company said.
Canon will bring its long-standing relationship with HP to an end if the maker of expensive ink merges with Xerox.
For those who came in late, Canon has been providing laser jet components to HP. But Canon and Xerox compete in the multi-function printer and copier markets, and CEO Fujio Mitarai told Nikkei Asian Review that the 35-year relationship will be ended if Xerox gets its way, leaving HP to source another supplier.
Xerox has formally launched a $34.9 billion hostile bid to acquire all outstanding shares of HP for $24 per share
The deal which is $2 per share increase above its initial offer, comprises $18.40 in cash and 0.149 Xerox shares for each HP share.
Targeted directly at HP shareholders, the unsolicited “hostile takeover” offer and withdrawal rights are scheduled to expire at 5 p.m. ET on April 21, 2020, unless it is extended.
Xerox CEO John Visentin said: “Our proposal offers progress over entrenchment” the proxy offer, which will be sent directly to HP shareholders.
Xerox announced its intention to launch a tender offer on or around March 2, 2020 for the outstanding shares of common stock of HP at a price of $24 per share, which will be comprised of $18.40 in cash and 0.149 Xerox shares for each HP share.
This is a boost of what Xerox has offered in the past and according to the company is because it has been chatting to some of HP’s largest stockholders.
Xerox’s plan to stack the HP board to assist its take-over has been received with a cold hard stare by the maker of expensive printer ink.
For those who came in late, Xerox has raised the cash to take over the much bigger HP.
HP has confirmed that Xerox is planning to nominate 11 candidates to stand for election to the Company’s Board of Directors at the HP’s 2020 Annual Meeting of Stockholders.
Xerox has collected $24 billion to pay for its unsolicited bid to take over printer rival HP.
In a letter to HP’s CEO Enrique Lores, Xerox boss John Visentin confirmed that the vendor has obtained financing to push through a takeover, suggesting that the loan should allay any doubts HP shareholders have over Xerox’s ability to afford the transaction.
Copy company Xerox has decided to get nasty in its bid to merge with HP and refuses to apologise for “aggressive” tactics.
Xerox said it will approach HP shareholders directly to acquire the firm several weeks after HP’s board rejected a takeover bid in excess of $30 billion.
The company’s leadership has expressed its intent to pursue “aggressive” tactics after initially setting a deadline for 25 November for which it expected HP to engage in mutual due diligence.
The maker of expensive printer ink called HP has admitted that Xerox has been on the phone about a potential buyout.
The dark satanic rumour mill manufactured a hell on earth yarn claiming that Xerox was considering a takeover bid and HP was saying nothing.
HP has now broken its silence with a statement that confirms that the rumours were true although the relationship was still has been in contact with Xerox “from time to time”.
Copy king Xerox is flagging up the importance of its SME market.
Xerox has been telling investors, or anyone who listens, about its glorious three-year plan, with the channel involved front and centre. The big idea is to increase its SME revenues.
Plans to increase revenues would not only include taking advantage of a perceived opportunity in the SME arena but also to expand services and software, the outfit has said.
Xerox’s new president and chief operating officer is a channel veteran with top-level experience at other high profile companies.
Steve Bandrowczak, who most recently worked at Alight Solutions, and has worked at Sutherland Global Services and notably at HPE. He has previously held senior leadership positions for various multi-billion-dollar global companies, including Avaya, Nortel, Lenovo, DHL and Avnet.
Xerox vice chairman and chief executive officer John Visentin said that Bandrowczak bought a track record of growing businesses and enhancing competitiveness through a combination of innovation, technology and operational rigour.
“His breadth of experience across the product and service delivery chain will be essential to generating value for our shareholders and building more effective and efficient ways to serve our customers.”
Bandrowczak will be responsible for developing and carrying out a global operations strategy in the company’s business support functions, including product and service delivery, customer billing, information technology, worldwide procurement and real estate.
He said that Xerox was an iconic brand with a legacy of innovative technologies.
“Joining the company at this time affords me the opportunity to help shape the next iteration of a global leader.”
Fujifilm is to sue Xerox over damages related to the failed merger between the two companies. It said that as far as it is concerned the contract between them is still valid.
For those who came in late, Xerox backed out of the deal after a successful revolt by activist investors Carl Icahn and Darwin Deason and the replacement of the Xerox CEO.
Fujifilm Chief Operating Officer Kenji Sukeno said at an earnings briefing that his outfit is currently consulting m’learned friends on the schedule for filing the lawsuit and plan to go to court soon.
“The contract that ties the two companies together is still valid. We will push for the legality of it. There was a legal contract that everyone agreed on, and after that a few shareholders wanted to put a stop to it”,Sukeno said.
Fuji and Xerox were poised to join forces at the end of January in a stock swap deal that would have handed Fuji control of the American printer. However, a public relations campaign and legal battle waged.
Xerox CEO Jason Jacobson has been forced to clean out his desk for the second time this month.
The board has been scrapping with activist investors Carl Icahn and Darwin Deason, who opposed a deal that would see the vendor merge with Fujifilm. They had a go at removing Jacobson once, but thanks to some smart movements the board managed to keep him in place.
In a statement Xerox has now said that Jacobson will depart, with the Fujifilm deal being scrapped.
The statement added: “The Board also considered the potential instability and business disruption during a proxy contest.
“Absent a viable, timely transaction with Fujifilm; the Xerox board believes it is in the best interests of the company and all of its shareholders to terminate the proposed transaction and enter a new settlement agreement with Icahn and Deason.
“Under the agreement, the Xerox board will be reconstituted to determine the best path forward to maximise value for Xerox shareholders.”
As part of the new agreement, five members of the board will depart, along with Jacobson.
Icahn’s nominee John Visentin is expected to be appointed as Xerox CEO.
Icahn said: “We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm. With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox. We have often said that the most important person at a company by far is the CEO. We are therefore also pleased that John Visentin, a tried and true veteran in this area, will be taking the helm.”
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