Xerox is calling off its hostile takeover attempt of HP.
The company says the COVID-19 crisis creates "an environment that is not conducive to Xerox continuing to pursue an acquisition of HP.
"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 prioritising 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.
"There remain compelling long-term financial and strategic benefits from combining Xerox and HP. The refusal of HP's board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction."
Xerox efforts date to last year, and saw it increase its offer in February.