This Week in Imaging: HP-Xerox Proxy War is On
The big story this week – perhaps of the year itself – is the commencement of a hostile takeover bid for HP Inc. by Carl Icahn-backed Xerox.
At stake is the future of both iconic American companies, as well as the future of both companies’ employees and shareholders – and likely millions of dollars of profits for Icahn if the merger goes through.
In one corner, we have the formidable Icahn, who has waged such campaigns over decades, not always succeeding, but often succeeding and profiting handsomely, as was the case with Motorola. In the other corner is HP, armed with a law firm, Watchell, Lipton, Rosen, & Katz, which has tangled with Icahn many times before, last year winning an Icahn malpractice suit that Icahn had filed against the law firm. In a legal filing, the company described some of its wins against Icahn: “In a number of high-profile situations, Wachtell Lipton has helped clients fend off Icahn, including assisting Clorox in defeating an Icahn takeover assault in 2012 and assisting Dell when Icahn unsuccessfully sought to break up a premium transaction in order to buy the company for himself in 2013.” For now, Icahn is simply urging HP shareholders to proceed with a merger; if he gains additional HP shares, look for him to fight to appoint his own loyalists to the HP board to fight on his behalf.
This Week in Imaging:
HP Inc. and Xerox