HP to Review Unsolicited Exchange Offer from Xerox

PALO ALTO, Calif., March 2, 2020 — HP Inc. (NYSE: HPQ) today confirmed that Xerox Holdings Corporation (“Xerox”) has commenced an unsolicited exchange offer to acquire all outstanding shares of HP common stock for consideration consisting of cash, Xerox common stock, or a combination thereof (the “Offer”).

The HP Board of Directors (the “Board”) will, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, carefully review and evaluate the Offer to determine the course of action that the Board believes is in the best interests of the Company and all HP shareholders. HP shareholders are advised to take no action at this time pending the Board’s review and evaluation of the Offer.

HP intends to advise shareholders of the Board’s position regarding the Offer within ten business days by making available to shareholders a solicitation/recommendation statement on Schedule 14D-9, to be filed with the U.S. Securities and Exchange Commission and published on HP’s website at www.hp.com.

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