HP Inc has said that it would implement a poison pill plan, a move that comes after Xerox Holdings Corp pushed ahead with its efforts to acquire the PC maker. Xerox recently raised its offer earlier this month by $2 to $24 per share, following several rejections of its previous buyout offers by the PC maker. HP shares closed up 0.9% at $22.64 on Thursday and were flat in extended trading. The implementation of the stockholder rights plan, which has a one-year expiration period, aims to stop investors from amassing more than 20% stake in the company. Among other terms, if any group acquires 20%, all shareholders outside the group will be able to buy additional discounted shares, diluting the ownership of the group. “The rights will not prevent a combination of HP with another business, but should encourage Xerox (or anyone else seeking to acquire the Company) to negotiate with the Board prior to attempting to impose some combination that is not in the best interests of the HP shareholders,” HP said in its statement. Xerox did not immediately respond to a Reuters request for comment. “The value of a year-long poison pill is to buy HP time to… Read full this story
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