Battle Between Xerox, HP Ramps Up With HP ‘Poison Pill’, $15B Stock Buyback Defense

On Feb. 20, the HP board of directors adopted a Shareholder Rights Plan ("Poison Pill") to thwart Xerox's planned hostile proxy bid to acquire all of the outstanding shares of HP stock on March 2 for $34.9 billion. In another defensive move, HP announced it will buy back $15 billion worth of outstanding HP shares.

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