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November 6, 2019 06:03 am

Xerox Considers Cash-and-Stock Offer For HP

According to The Wall Street Journal, Xerox is considering making a cash-and-stock offer for HP (Source paywalled; alternative source), which has a market value of about $27 billion. From the report: There is no guarantee Xerox will follow through with an offer or that one would succeed. HP, which installed a new chief executive just last week, is more than three times the size of Xerox and any bid would be at a premium to its current stock price, the people said. Working in Xerox's favor: It expects a $2.3 billion windfall from a deal to sell stakes in joint ventures with Fujifilm Holdings Corp., which was announced Tuesday along with the dismissal of a $1 billion-plus lawsuit filed against Xerox by the Japanese technology company. Xerox has also received an informal funding commitment from a major bank, known as a "highly confident letter," the people said. A deal would join two household names with storied pasts that have been scrambling to retool their businesses as the need for printed documents declines. Both companies are in cost-cutting mode and a union could afford new opportunities to shed expenses -- to the tune of more than $2 billion, the people said.

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