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Submitted by on Sep 11, 2021

HP Inc. is a Palo Alto, California-based global information technology business that makes personal computers (PCs), printers, and related consumables, as well as 3D printing solutions.

It was created on November 1, 2015, when the old Hewlett-Packard Company’s personal computer and printer businesses were rebranded Hewlett Packard Enterprise, while the company’s enterprise product and business services divisions were renamed Hewlett Packard. Hewlett-Packard was renamed HP Inc. after the separation, while Hewlett Packard Enterprise was spun out as a separate publicly listed business. Hewlett Packard Enterprise trades on its own symbol, HPE, and preserves Hewlett-pre-2015 Packard’s stock price history and old stock ticker symbol, HPQ.

HP is a component of the S&P 500 Index and is traded on the New York Stock Exchange. As of January 2021, it was the world’s second largest personal computer seller by unit sales, trailing only Chinese firm Lenovo. In the 2018 Fortune 500 ranking of the biggest US businesses by total sales, HP was placed No. 58.

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Hewlett-Packard was the previous name for HP Inc. Bill Hewlett and David Packard, who both earned with degrees in electrical engineering from Stanford University in 1935, formed Hewlett-Packard in 1939. The firm began in Palo Alto, California, inside the HP Garage. Hewlett-Packard was rebranded HP Inc. on November 1, 2015, and the company’s enterprise unit was split off and renamed Hewlett Packard Enterprise.

In May 2016, HP introduced a new PC gaming sub-brand known as Omen (using trademarks associated with VoodooPC), which includes gaming laptops and desktops (the latter offering options such as water cooling and Nvidia GTX 1080 graphics, and marketed as VR-ready), as well as other accessories (such as monitors) tailored to the market.

HP paid $1.05 billion buying Samsung Electronics’ printer division in November 2017.

HP announced the acquisition of Kingston’s gaming subsidiary HyperX in February 2021. The agreement only covers HyperX-branded computer peripherals, not memory or storage. In June 2021, the deal was completed.

On November 5, 2019, the Wall Street Journal reported that Xerox, a print and digital document firm, was considering purchasing HP. Two unsolicited bids were unanimously rejected, including a cash-and-stock offer of $22 per share. HP indicated that there was “uncertainty surrounding Xerox’s capacity to raise the cash part of the proposed consideration” (especially given that Xerox has a smaller market value than HP), but praised the company’s efforts. On November 26, 2019, Xerox sent a public letter defending its offer against HP’s claims that it was “uncertain” and “highly conditional,” and announcing its intention to “engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity.”

Xerox said in January 2020 that at its next shareholder meeting in April 2020, it will recommend replacing HP’s board of directors. In a statement to TechCrunch, HP said that it believes Xerox’s proposal is being “directed” by activist shareholder Carl Icahn. In February 2020, Xerox increased their offer to $24 per share.

To fend off Xerox’s hostile acquisition attempt, HP implemented a shareholder rights plan on February 21, 2020. HP said four days later that if shareholders reject the Xerox acquisition, it plans to return $16 billion in capital between fiscal 2020 and 2022, including $8 billion in additional share buybacks and boosting its “target long-term return of capital to 100% of free cash flow production.” HP challenged Xerox’s proposal as a “flawed value exchange” based on “overstated synergies.” HP turned down a $24-per-share offer on March 5, 2020.

“The present global health crisis and accompanying macroeconomic and market instability triggered by COVID-19 have created a situation that is not favourable to Xerox continuing to seek an acquisition of HP Inc,” Xerox said in a statement on March 31, 2020.

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