Xerox Confirms Secures $24 Billion Financing for HP Bid
January 06 2020 - 9:06AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
Xerox (NYSE:XRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Xerox (NYSE:XRX)
Historical Stock Chart
From Sep 2023 to Sep 2024