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Xerox Offering $24 Per Share in Cash, Stock for HP

Xerox launched a tender offer to acquire all outstanding shares of HP Inc.

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By: Anthony Locicero

Copy editor, New York Post

Xerox Holdings Corporation launched a tender offer to acquire all outstanding shares of HP Inc. for $24 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share.

“Our proposal offers progress over entrenchment,” said John Visentin, vice chairman and CEO of Xerox. “HP shareholders will receive $27 billion in immediate, upfront cash while retaining significant, long-term upside through equity ownership in a combined company with greater free cash flow to invest in growth and return to shareholders.”

Xerox has entered into an amended and restated commitment letter to add MUFG, PNC, Credit Agricole, Truist and Sun Trust Robinson Humphrey as commitment parties to provide a portion of the financing along with Citi, Mizuho and Bank of America under its previously confirmed $24 billion in binding financing commitments (that are not subject to any due diligence condition).

The offer and withdrawal rights are scheduled to expire at 5:00 p.m. ET on April 21, 2020, unless the offer is extended. 

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