Xerox confirms plot to take control of HP's board
Xerox will put forward 11 candidates for board places
Xerox has nominated a full slate total of 11 candidates to replace HP's existing board of directors, the print vendor confirmed on Thursday.
The print vendor's aim is to replace HP's current board of directors at its annual meeting of stockholders later this year. HP's board currently consists of 12 members including high-profile figures such as Dion Weisler and current CEO Enrique Lores.
In a thinly-veiled attack against HP's board, Xerox CEO John Visentin said that the vendor's shareholders will be "better served" by its suggested replacements.
"HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24bn in binding financing commitments and a slate of highly qualified director candidates," said Visentin.
"We believe HP shareholders will be better served by a new slate of independent directors who understand the challenges of operating a global enterprise and appreciate the value that can be created by realising the synergies of a combination with Xerox."
You can find the full list of who Xerox has nominated to replace HP's board here.
The bold move is the latest in a drawn out back-and-forth between the two vendors as Xerox puts pressure on HP's board to accept its $27bn takeover offer.
Despite repeated rejections from HP CEO Lores, Xerox secured $24bn in financing at the start of the year to acquire HP and threatened to pursue a hostile takeover of the company.
In a statement HP said: "These nominations are a self-serving tactic by Xerox to advance its proposal, which significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders."