HP Again Rejects Takeover Offer From Xerox
(Bloomberg) -- HP Inc. again rejected an unsolicited takeover offer from Xerox Holdings Corp., saying the potential deal “significantly undervalues” the personal-computer maker.
Xerox said Monday it had secured $24 billion of financing for a potential acquisition of Palo Alto, California-based HP. The debt commitment “is not a basis for discussion,” HP said Wednesday in a letter to Xerox Chief Executive Officer John Visentin. “The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.”
Xerox said Citigroup Inc., Mizuho Financial Group Inc. and Bank of America Corp. provided the financing for the Norwalk, Connecticut-based printer maker to pursue its $22-per-share cash-and-stock acquisition bid.
HP has repeatedly snubbed the offer, saying its announced restructuring plan will provide greater value to shareholders. Xerox has left open the possibility of sparking a proxy fight or introducing a tender offer to close the deal.
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