HP, Fighting Hostile Takeover From Xerox, Temporarily Expands Board to 13

   By Maria Armental 
 

HP Inc. appointed tech veteran Rick Clemmer to its board, temporarily expanding the board to 13 members, the company said Thursday.

The Silicon Valley company, which is fighting a hostile takeover from Xerox Holdings Corp., said it has given Xerox notice that it has 10 days to nominate an additional candidate.

Xerox, as part of its bid to gain control of HP, is seeking to overhaul HP's board and has said it would take its bid directly to HP shareholders through what is known as a tender offer.

Xerox most recently raised the offer to $18.40 a share in cash and a 0.149 Xerox share.

With Mr. Clemmer, chief executive and executive director of NXP Semiconductors NV, HP's board will temporarily include 13 directors as former HP CEO Dion Weisler remains on the company's board until the annual meeting of stockholders.

"Rick has a proven record of balancing disciplined cost cutting with growth investments, including through strategic transactions, that we believe will be additive to HP," said in a statement Chip Bergh, HP's board chairman.

HP is yet to file its proxy and announce the date of the annual meeting.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

February 27, 2020 16:46 ET (21:46 GMT)

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