RESEARCH TRIANGLE PARK – A potentially huge technology merger is being called off.

Xerox dropps its attempts to acquire HP amid the market and economic chaos created by the coronavirus.

“The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc.,” Xerox said in a statement on Tuesday.

“Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors.

“While it is disappointing to take this step, we are prioritizing the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations.”

The full announcement can be read online.

“Xerox first made a hostile offer for HP in November, then increased its bid in February after that initial overture was rejected,” reports private equity news site PitchBook.

“The latest proposal was for $24 per share in cash and stock, valuing the Silicon Valley pioneer at about $35 billion. Xerox formally launched its tender offer for all outstanding HP shares March 2.”