1. HP to Buy Back $15 Billion in Stock to Battle Xerox Takeover Bid

    HP to Buy Back $15 Billion in Stock to Battle Xerox Takeover Bid

    HP Inc. pledged to buy $15 billion worth of stock, with at least $8 billion of that in the first year, to tackle a hostile takeover from Xerox Holdings Corp. HP called Xerox's proposal "a fundamentally flawed value exchange" that "created an irresponsible capital structure" and overstates potential savings and productivity gains from merging the companies...

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    1. Any further material M&A (such as acquiring or being acquired by Xerox) would similarly lead to a weakening of credit protection metrics.
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