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.