The daily business briefing: November 18, 2019

HP rejects a takeover offer from Xerox, Ford unveils its all-electric Mustang Mach-E, and more

The Mustang Mach-E
(Image credit: MARK RALSTON/AFP via Getty Images)

1. HP board rejects Xerox takeover offer

HP said Sunday that its board of directors unanimously rejected smaller printing rival Xerox's bid to acquire the computer and printer maker. HP said in a statement that its board "considered the highly conditional and uncertain nature of the proposal" and concluded that the deal would create a combined company too laden with debt. HP also said the offer "significantly undervalues HP" so it was not in shareholders' best interest, although the board said it might consider a merger with Xerox later. Xerox said in its offer letter that the industry is "overdue for consolidation and that those who move first will have a distinct advantage." Activist investor Carl Icahn owns 10.6 percent of Xerox and recently invested $1.2 billion in HP, pushing for a merger to save money for both companies.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.