HP to Buy Back Half Its Shares
For months, Xerox (NYSE: XRX) has been in the hunt for HP Inc (NYSE: HPQ) -- still probably best known by its old name "Hewlett-Packard." In November, The Wall Street Journal first broke the story of how Xerox wanted to acquire its printer-maker rival, initially bidding about $33.5 billion --then raising that offer by about 10% earlier this month.
For its part, HP management has been at wit's end trying to figure out the best way to fend off Xerox's unwanted advances without offending its own shareholders who might appreciate the premium purchase price. Today HP struck upon its solution:
Instead of letting Xerox buy HP's shares, HP would buy them itself.
Source Fool.com
