HP Inc. has confirmed that Xerox Holdings Corp. made a takeover offer ¡ª a potential deal between two iconic names that would reshape the printing industry.
¡°We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination,¡± the Palo Alto, California-based company said Wednesday in a written statement. ¡°We received a proposal transmitted yesterday. We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye toward what is in the best interest of all our shareholders.¡±
Citigroup Inc. has agreed to provide Xerox financing to swallow HP, Bloomberg News reported. The company would likely need to take on at least $20 billion of debt to close the deal, which was reported earlier by the Wall Street Journal. HP¡¯s market capitalization was about $27.3 billion at the close of trading on Tuesday, while Xerox¡¯s was $8 billion before news broke of the potential deal.
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