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XEROX RAISED TAKEOVER BID, HP INC. STILL REJECTED THE OFFER -

05-Mar
19:40 IST

In the Premarket trading session on Thursday, HP Inc.’s stock was trading at 21.15- lower by 1.99% as compared to its previous close

On Thursday, HP Inc. rejected the raised bid made by Holdings Corp’s. Xerox increased its offer by 2dollar to 24 dollars a share makes a 35 billion dollar offer to HP Inc.

HP rejected the offer saying that the offer made by Xerox holdings was undervalued

The Chairman of HP’s board Chip Bergh said that the Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic synergies that would jeopardize the entire company.

The Company has requested its shareholders not to accept the offer made by Xerox as their offer would benefit Xerox shareholders compare to HP shareholders.

The company released its fourth-quarter earnings report on 24th February. The earnings per share were at 0.65 dollars. The EPS was above the market expectation of 0.54 dollars. The company reported revenue of 14.62 billion dollars. The revenue was below the market estimate of 14.63 billion dollars.

On the technical front, the market is trading near strong support. The MACD histogram suggests that the market will trade in the upward direction. The slope of 13 and 26-days moving averages indicate bullish momentum in the market. The RSI indicates the market will move in positive territory.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

TRADE SUGGESTION- BUY @ 21.10, STOPLOSS @ 20.75 TARGET@ 21.80

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