The paper copier pioneer reported a five-percent drop in first-quarter profits and trimmed its adjusted earnings forecast for the year, citing slow growth in its services unit and dwindling revenue from its printing business.
Latest from Natalie Gagliordi
HP is touting the new lineup for benefits of speed, energy efficiency, security, management and value.
The tender offer is an increase above Xerox's initial proposal and aligns with HP's market value of $27 billion.
HP has issued a letter to its shareholders deriding Xerox for advancing its tender offer and proposed slate of directors in the middle of the global coronavirus pandemic.
Xerox outlines the logic behind its proposed HP acquisition in an investor presentation filed Monday.
Xerox said it plans to bring a full slate of new directors to HP's annual shareholder meeting in an attempt to overthrow HP's existing board via shareholder vote.
The copier maker is officially backing down from its efforts to force a merger with rival HP, citing market turmoil caused by the COVID-19 pandemic.
The company also announced a range of new cloud-based printing services and devices aimed at the mobile workforce.
HP is hoping to gain traction in the $55 billion A3 copier space and expand its Managed Print Services business.
With the escalating coronavirus pandemic, Xerox said it will no longer hold meetings and interviews related to the HP bid. It's still moving forward with its tender offer and proposed board slate.