Mergers and acquisitions

Xerox has made a further nomination in its slate of proposed HP board directors, and is readying a special meeting of Xerox shareholders to seek their approval for its offer.

HP has recommended that its shareholders reject Xerox’s raised takeover offer, which it said still undervalues the business.

Xerox has launched a tender offer for all of HP’s outstanding shares as it ramps up its hostile takeover bid for the manufacturer.

API Group’s foils division has been bought out of administration by Australian company Aldus.

DS Smith has completed the sale of its plastics division to Stamford, Connecticut-based Olympus Partners and its affiliate, flexible packaging specialist Liqui-Box.

Taylor Bloxham Group was insolvent on a cashflow and balance sheet basis and had just £20,000 in the bank at the time of its administration, with creditors of the business owed more than £7m.

Streamline Press and sister firm Baxters have jointly bought local business Spectrum Printing Services forming a Leicestershire-wide print group.

HP said it is “reaching out to Xerox” to explore if a deal is worth pursuing, but called the manufacturer’s current bid “flawed and irresponsible”.

HP has implemented a shareholder rights plan or 'poison pill', that will make it more difficult for Xerox to progress with its hostile takeover bid.

HP wants its shareholders to have “full information” on its earnings and inherent value before it responds to Xerox’s increased bid for the company.