Xerox on March 10 filed a preliminary proxy statement for a special meeting of its shareholders to vote on the issuance of shares which forms part of Xerox’s $35 billion offer to buy rival printer maker HP. A date for the meeting has not yet been set.
A day earlier, Xerox filed a preliminary proxy statement in support of its director nominees for HP’s board. A date for HP’s annual shareholder meeting has not yet been set. On March 2, Xerox launched a tender offer for HP, comprising $18.40 in cash and 0.149 Xerox shares for each HP share, worth $24 a share based on Xerox’s closing share price on Feb. 6. The tender offer expires on April 21, unless extended.
Xerox has secured $24 billion of bridge finance commitments. It said in its tender-offer filing that it may raise further cash through a private placement of equity or equity-linked securities in addition to having $2.7 billion of cash on hand. HP on March 5 rejected Xerox’s unsolicited tender offer, saying it undervalues HP and would create an “irresponsible” capital structure.
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