Xerox has made a tender offer direct to HP’s shareholders to buy all HP’s shares for $24 per share, comprising $18.40 in cash and 0.149 Xerox shares for each HP share, valuing HP at nearly $35 billion.

Xerox has a market cap of $7.24 billion.

“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 added several new providers of finance – Mitsubishi UFG, PNC Bank, Credit Agricole, Truist and Sun Trust Robinson Humphrey – to its original lenders – Citi, Mizuho and Bank of America – under a confirmed $24 billion in binding financing commitments.
 
The offer and withdrawal rights are scheduled to expire at 5:00 p.m. New York City Time on April 21, 2020, unless the offer is extended.

Citi is acting as Xerox’s financial advisor, and King & Spalding LLP is providing legal counsel to Xerox. Willkie Farr & Gallagher LLP is providing legal counsel to Xerox’s independent directors, and Moelis & Company is acting as financial advisor to Xerox’s independent directors.