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Xerox confirms intention to nominate members for HP's board

Xerox on Thursday confirmed what financial media had been reporting earlier this week, and that is that the company intends to nominate 11 independent candidates to replace HP’s Board of Directors.

That will happen at HP’s annual meeting this summer.

Xerox said in a statement that the candidates were chosen because of “their expertise overseeing and executing significant company transformations and combinations, with demonstrated track records of creating value for shareholder.”

"HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates," said John Visentin, Vice Chairman and Chief Executive Officer of Xerox. "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 realizing the synergies of a combination with Xerox."

Xerox has already made an unsolicited takeover bid for HP, but that company so far has rejected that $33 billion dollar offer, partly because HP executives feel it is too low.

HP on Thursday issued this response to the board of directors move by Xerox:

"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."

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.