Xerox considering takeover of HP, according to report

Ruben Fields
November 6, 2019

Xerox may have its eyes on a far bigger rival than itself.

HP's shares are down 10 percent this year, but the company reported a revenue of more than $58 billion in the fiscal year ending in October 2018.

Xerox is looking to make a cash-and-stock offer. What's more, the Journal said, Xerox has obtained an informal funding commitment letter from a major bank.

Xerox Holdings agreed to sell 25 pecent of Fuji Xerox to its Japanese partner, jettisoning its slice of the five-decade old venture after a merger attempt fell through. HP is now three times the size of Xerox, and there's no guarantee that the potential takeover happens, but if it did, it would bring together two of the world's largest and most recognized printer manufacturers.

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The two sides agreed on this in January a year ago, but Xerox cancelled the deal after some of its largest shareholders raised opposition.

Fujifilm Holdings Chairman Shigetaka Komori said that making Fuji Xerox a wholly owned subsidiary will enable it to enter markets outside Asia under another company's brand, which was impossible due to the contract with Xerox. But the deal was immediately opposed by Icahn and Deason, who at the time owned about 15 percent of Xerox and claimed it severely undervalued the company. Recent estimates have Xerox worth approximately $8 billion, while HP's worth is estimated to be around $24 billion.

Last August, its CEO Dion Weisler announced he was leaving the company for personal reasons, and was replaced by the head of its printing business Enrique Lores.

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