(Reuters) – Xerox Holdings Corp decided on Tuesday to abandon its $35 billion hostile cash-and-stock bid for HP Inc after the coronavirus-induced market turmoil put the brakes on its takeover campaign, according to people familiar with the matter.
Xerox will drop its board challenge and the tender offer for HP, the sources said, requesting anonymity ahead of an official announcement. The Wall Street Journal first reported on Xerox’s decision.
Xerox and HP did not immediately respond to requests for comment.
(Reporting by Greg Roumeliotis in New York; Editing by Chris Reese)
