Xerox has persuaded banks to commit to funding $24 billion of debt for its $33 billion bid to buy its much larger rival. That makes the offer more credible and puts pressure on HP to talk – or to come up with something better, writes richardbeales1.
Copier maker Xerox said on Jan. 6 it had secured $24 billion in financing for its $33 billion takeover offer for HP, a deal that the personal computer and printer group is opposing.HP rejected Xerox’s $22-per-share offer in November, saying it significantly undervalued the company. Xerox then said it would take the offer directly to HP's shareholders.
Activist investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox, in December urged HP shareholders who support a merger with Xerox to push the PC maker's directors to engage in discussions on a deal.
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