Xerox-HP merger update

- Xerox’s sent letter to HP’s board of directors January 6 saying Xerox has secured $24 billion in financing to acquire HP
o Banks providing financing include; Citibank, Mizuho, and Bank of America
- Xerox is not relenting in its unsolicited offer to acquire the larger HP
o HP shareholders would get $22 per share, including $17 in cash and 0.137 Xerox shares for each HP share to give HP shareholders 48 percent of the combined company
o HP rejected Xerox’s offer by stating:
 "Your letter dated January 6, 2020 regarding financing does not address the key issue – that Xerox's proposal significantly undervalues HP – and is not a basis for discussion,"