Xerox had made a cash-and-stock offer for personal computer and printer maker HP, CNBC has confirmed.
has made a cash-and-stock offer for personal computer and printer maker HP, CNBC has confirmed.
As both companies look to cut costs, sources said combining the companies could save more than $2 billion in expenses, CNBC's David Faber reported.The company's board discussed the possibility on Tuesday and Xerox has an informal funding commitment from a major bank, according to The Wall Street Journal, which first reported the story.$27.27 billion market value."We have considered, among other things, what would be required to merit a transaction.
by the end of fiscal 2022 as part of a broader restructuring plan that it estimates will save $1 billion a year. That would amount to almost 16% of its 55,000 employees worldwide, according to FactSet. HP was created after Hewlett-Packard separated its enterprise business — Hewlett Packard Enterprise — that sells data storage equipment, servers, and other related services.
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Xerox reportedly planning a cash-and-stock offer for HPThe board discussed the possibility on Tuesday, sources told the Journal, adding that Xerox has an informal funding commitment from a bank.
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