January 6, 2020
Xerox Holdings Corp. (Xerox) has secured binding financing for its takeover offer for HP Inc. from Citi, Mizuho and Bank of America.
Xerox has secured binding financing for its takeover offer for HP Inc. from Citi, Mizuho and Bank of America. The announcement came in another open letter to HP’s leadership team from Xerox’s Vice Chairman and CEO, John Visentin. In a sign that Xerox is pushing forward with their unsolicited David -v- Goliath $33 billion bid that HP has so far rejected.
Xerox has been engaging with HP’s largest shareholders setting out the strategic benefits of the proposal to acquire HP. Highlighting the core message of better together. According to Xerox, bringing the two companies together would deliver substantial synergies and meaningfully enhanced cash flow that could, in turn, enable increased investments in innovation and greater returns to shareholders.
In securing the binding funding for the deal, Xerox clears a major hurdle from the deal where the HP leadership team have been questioning Xerox’s ability to raise the capital necessary to finance our proposal.
You can read the latest Xerox letter here.
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