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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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“Highly Confidential” Financing

For the cash portion of its offer, Xerox said it had a commitment from Citi backing the deal with “investment grade rated notes” Xerox promised to get “fully committed” financing before closing.

“We will fund the cash component of our offer with a combination of cash on hand and new financing to support the transaction and the new combined company. We have been engaged in ongoing discussions with Citi on the transaction financing and they have provided to us a highly confident letter evidencing their certainty in arranging financing for the transaction. Given the current status of the capital markets, we and they expect that we will be able to finance the transaction fully with investment grade rated notes. We will obtain a fully committed financing package before signing any final agreement, and closing of the transaction will not be subject to a financing contingency.”

 
 
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