Xerox assured HP that it had money to swallow

Xerox assured HP that it had money to swallow

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Xerox sent a letter to the board of directors of HP Inc., confirming that it could count on $ 24 billion from Citi, Mizuho and Bank of America to conclude a merger agreement between the two companies.

Over the last few weeks, Xerox has conducted a constructive dialogue with several of HP’s largest shareholders about the strategic benefits of the deal, according to an official letter signed by John Vicentin, vice president and CEO of Xerox Holdings Corp.

The merger of the two companies will lead to significant synergies and improved cash flow, which will increase investment in innovation and ensure greater shareholder return, the letter said.

At the same time, Xerox notes that it emerged from the shareholder dialogue that the HP Board was questioning the ability to raise the capital needed to fund the transaction.

“To remove any doubt, we have received binding funding commitments from Citi, Mizuho and Bank of America,” the letter said.
John Vicentin suggests that they meet with HP management in person to negotiate a transaction.

Xerox Offers New Purchase Agreement for $ 33.5 Billion in Early November However, HP’s panel unanimously rejected the offer as an underestimation of the company’s value.

In response, Xerox warned it could make a “hostile” takeover by buying a controlling stake in HP without the board’s consent.

Xerox assured HP that it had money to swallow

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