Xerox considers takeover offer for HP
HP is more than three times the size of Xerox.
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Xerox Holdings Corp. is taking aim at the personal computer market and its target is HP Inc.
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Xerox is considering making a cash-and-stock offer for HP, which has a market value of about $27 billion, people familiar tell the Wall street Journal.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XRX | XEROX HOLDINGS | 21.09 | -1.40 | -6.22% |
| HPQ | HP INC. | 25.15 | -0.02 | -0.08% |
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A bid for HP would have to be huge as it is more than three times the size of Xerox.
HP installed Enrique Lores as the new chief executive last week.
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Xerox is gathering cash, expecting $2.3 billion from Tuesday's announcement that it is selling stakes in joint ventures with Fujifilm Holdings, also getting the dismissal of a $1 billion-plus lawsuit filed against Xerox by the Japanese technology company.
The Journal is also reporting that Xerox has received an informal funding commitment from a major bank.
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Billionaire investor Carl Icahn owns a 10.6 percent stake in Xerox and began lobbying for changes at the company in 2015.