When are Icahn and his cl*wn John V going to stop?
https://press.ext.hp.com/us/en/press-releases/2020/hp-rejects-unsolicited-exchange-offer-from-xerox.html
5 replies (most recent on top)
Wow. Those not seeing how these issues started with Allaire then Mulcahy then Burns and Jacobsen. Decades now of inept management from the tops down. Focusing on the wrong metrics to line their own pockets and NEVER invested in the future. Who signed that FX agreement in 1999 that got us in this mess? Not Icahn. Trust me I don’t like what he’s doing but the writing had been on the wall with xerox. Had we stayed with Fuji the death just would have been slower and those people in charge at Fuji were no picnic - they hated xerox. More than difficult to work with. This is going to be a merciful death. I am very saddened to see so many good people impacted. But it’s time to go. If you’re hoping for a windfall you’ll be left with nothing. They will find a way to screw you.
There remain some very valuable parts of Xerox. Sounds like HP is on a fishing mission to get those and only those. Makes since will try to go for it all and not reveal the true gems
Why is everyone blaming Icahn and JV for this mess? Didn’t UB get you where you are today? Is there a perspective that says these guys are just trying to make lemonade out of inherited lemons?
Ichan and Johnny V both realize that they have sacrificed the future well-being of this once great company in exchange for short term profits to temporarily prop up the stock hoping it would reach $40/share (Their well publicized target price to liquidate holdings).
Well since that didn't work out, their plan B was to force a merger (a full takeover of HP was NEVER an expected outcome), unload a dying shell of a company onto another unsuspecting yet solvent entity. Unfortunately, HP's CEO and board members are much wiser than they had anticipated, evidenced by their statements today:
• Xerox has been experiencing declining sales and its recent sale of its interest in the Fuji-Xerox joint venture raises significant concerns about its future position.
• HP believes that Xerox’s cost-cutting has come at the expense of long-term value creation, and Xerox has demonstrated a lack of focus on research and development
Without a merger, no meaningful R&D and without a Fuji product pipeline starting 2021, Xerox' future certainly looks bleak.
It's as if HP truly understands us.