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|6th November 2019, 12:31||#1|
Join Date: May 2010
Xerox considers buying HP
Xerox is considering making a cash-and-stock offer for HP which has a market value of about $27 billion.
According to The Wall Street Journal, there is no guarantee Xerox will follow through with an offer or that one would succeed. HP, which installed a new chief executive just last week, is more than three times the size of Xerox and any bid would be at a premium to its current stock price, the people said.
However, to be fair to Xerox it has a bit of cash to spend as it has a $2.3 billion windfall from a deal to sell stakes in joint ventures with Fujifilm Holdings and has a $1 billion-plus lawsuit filed against it dropped.
Xerox has also received an informal funding commitment from a major bank, known as a "highly confident letter", the Journal claimed.
A deal would join two household names with storied pasts that have been scrambling to retool their businesses as the need for printed documents declines. Both companies are in cost-cutting mode and a union could afford new opportunities to shed expenses -- to the tune of more than $2 billion, the people said.
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