HP Confirms Xerox Offer

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HP has confirmed an audacious takeover bid by rival Xerox: a company that reported revenues nearly seven times smaller than HP’s in their respective third quarters ($14.6 billion and $2.2 billion respectively).

The Wall Street Journal first reported yesterday that a deal may be pending, as Xerox announced that it was ending a 57-year joint venture with Japan’s Fujifilm amid aggressive corporate restructuring.

HP’s current market capitalisation is $29 billion. Xerox’s is $8.33 billion.

The WSJ reports that Xerox has “informal funding commitment” from a major bank.

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