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Here Is The ‘Strictly Confidential’ Xerox Offer That HP Rejected

When HP’s board rejected Xerox’s $33 billion takeover proposal Sunday it published the “confidential” letter it was given by Xerox CEO John Visentin. Here is what the copier giant offered HP.

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What HP Would Have Gotten

The deal was structured to give HP shareholders a value for their stock that it has not seen since February after HP delivered disappointing Q1 results. However much of that $22-per-share value was contingent on Xerox continuing to perform well.

“We are prepared to offer HP shareholders $22.00 per share comprised of $17.00 in cash and 0.137 Xerox shares for each HP share, for a total transaction value of approximately $33.5 billion, assuming 1,515 million fully diluted shares outstanding and the balance sheet as of July 31, 2019. Our offer implies 77% cash consideration, with the balance comprised of Xerox shares, resulting in HP shareholders owning approximately 48% of the combined company – allowing your shareholders to both realize immediate cash value and enjoy equal participation in the substantial upside of synergies resulting from our combination.”

 
 
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