Xerox Secures $24 Billion Financing for Proposed HP Takeover

Xerox Holdings stated on Monday it has secured $24 billion in financing for its $33.5 billion takeover provide for HP, a deal that the private laptop maker is opposing.

HP rejected the $22 per share provide in November saying it “significantly” undervalued the corporate, following which the printer maker took the provide on to HP’s shareholders.

Xerox has engaged in “constructive dialogue” with a lot of HP’s largest shareholders, the corporate’s chief government officer, John Visentin, stated in a letter addressed to HP’s board on Monday.

“My offer stands to meet with you in person, with or without your advisors, to begin negotiating this transaction,” Visentin stated.

Activist investor Carl Icahn, who has a 4.2 % stake in HP and a 10.9 % stake in Xerox, in December urged HP shareholders who agreed with a merger with Xerox to achieve out to the PC maker’s administrators for rapid motion.

HP had stated it was open to exploring a bid for Xerox, stating that it recognises the potential advantages of consolidation.

Shares of HP have been up almost 2 % in buying and selling earlier than the bell. The firm didn’t instantly reply to a Reuters request for remark.

© Thomson Reuters 2019

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