Gold prices fell on Thursday to mark their lowest settlement in just over a week. "Gold's sensitivity to trade-deal headlines seems to be easing off," said Adrian Ash, director of research at BullionVault. "Traders are tiring of this flood of rumor and counter-rumor as progress stalls." December gold lost $10.60, or 0.7%, to settle at $1,463.60 an ounce, with prices for the most-active contract at the lowest finish since Nov. 13, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Xerox Holdings Corp. sent a letter to HP Inc.'s board on Thursday, writing that it is "determined to expeditiously pursue" its proposed buyout of the personal-computer and printer maker. In the letter from Xerox Chief Executive John Visentin, he said he was "confused" that HP's board rejected Xerox's acquisition offer of $22 a share, which consisted of $17 a share in cash and 0.137 Xerox shares for each HP share. Visentin took issue with HP's reasoning that the offer "significantly undervalues" the company. "Frankly, we are confused by this reasoning in that your own financial advisor, Goldman Sachs & Co., set a $14 price target with a 'sell' rating for HP's stock after you announced your restructuring plan on October 3, 2019," he wrote. "Our offer represents a 57% premium to Goldman's price target and a 29% premium to HP's 30-day volume weighted average trading price of $17." Xerox is still interested in pursuing a deal and Visentin said the company "remains willing to devote the resources necessary to complete mutual due diligence over the next three weeks and confirm the substantial cost and revenue synergies that we both believe could be achieved through a combination." Its shares are near flat in Thursday morning trading, while HP's stock is up 0.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
(The opinions expressed here are those of the author, a columnist for Reuters.)
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