Xerox has engaged in "constructive dialogue" with many of HP's largest shareholders CEO John Visentin told the Board on January 6
Xerox Holdings Corporation, on January 7, said that it had secured funds of $24 billion of the $33.5 billion proposed for its takeover of HP Inc, as per a Reuters report.
HP, however, has resisted the $33.5-billion offer made in November, which comes in at $22 per shares, on grounds that it significantly undervalues the company.
Xerox has thus approached HP shareholders directly to engage in “constructive dialogue”, CEO John Visentin informed HP’s board in a letter on January 6.
"My offer stands to meet with you in person, with or without your advisors, to begin negotiating this transaction," Visentin’s letter stated.
Also, backing Xerox’s bid is activist and investor Carl Icahn. In December, Icahn urged for immediate action from directors in favour of the merger. Notably, Icahn holds a 4.2 percent stake in HP and a 10.9 percent stake in Xerox.
HP earlier said it was open to exploring an acquisition bid from Xerox due to the “potential benefits of consolidation,” the report noted.Both companies did not respond to Reuters’ request for comment.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.