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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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Low Pressure Timetable

While the Nov. 5 letter gave HP a Nov. 13 deadline, Xerox told HP it could take weeks, if it chose to, to complete due diligence.

“We are prepared to devote all necessary resources to finalize our due diligence on an accelerated basis. Given our discussions to date and our familiarity with each other’s operations and business plans, we believe that you and we could complete our work and concurrently negotiate final documentation in 3 – 4 weeks. We have already engaged Citi as financial advisor and King & Spalding as legal advisor to assist us with completing the transaction.”

 
 
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