Xerox confirmed Monday it has $24 billion in financing commitments from Citi, Bank of America and another lender, as the Norwalk-based company continues to pursue a merger with HP after an initial rejection in November.
In a letter to HP executives, Xerox stated it has “engaged in constructive dialogue” with HP shareholders, after vowing to pursue a hostile takeover absent any meaningful commitment to negotiations by HP’s board of directors.
“We have always maintained that our proposal is not subject to a financing contingency, but in order to remove any doubt, we have obtained binding financing commitments ... from Citi, Mizuho and Bank of America,” said Xerox CEO John Visentin in a letter to his HP counterpart Enrique Lores and Chip Bergh, who chairs HP’s board. “My offer stands to meet with you in person, with or without your advisors, to begin negotiating this transaction.” read the rest here