HPQ HP Inc

By Colin Kellaher

Xerox Holdings Corp. (XRX) on Monday confirmed that it has secured $24 billion in financing for its proposed $33 billion takeover of HP Inc. (HPQ) as it seeks to allay HP's concerns over financing for the bid.

Xerox said the binding financing commitments from Citigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. aren't subject to any due diligence condition.

The Wall Street Journal earlier Monday reported that Xerox had secured the financing in a sign that the printer-and-copier company is pushing forward with its unsolicited bid for its larger rival.

HP has rejected Xerox's offer as too low and has cast doubt on whether Xerox would be able to raise the cash portion of the bid.

Xerox said it secured the commitments to remove any doubt about financing, and said its offer stands to meet with HP to begin discussing a deal.

Shares of HP rose 1.1% in premarket trading to $20.75, while Xerox shares were unchanged.

-Cara Lombardo contributed to this article

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 06, 2020 08:51 ET (13:51 GMT)

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