HP has confirmed that it recently received an offer from Xerox about a “potential business combination”.

This week, the company said in a statement, “We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination. We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday.

This follows Fujifilm’s purchase of the remaining shares in Fuji Xerox, Xerox, earlier this week. A Xerox spokesperson said, “Our industry is long overdue for consolidation, and those who move first will have a distinct advantage. We look forward to expeditiously moving this process forward and creating additional value for shareholders.”

HP has a market value of around US$27bn ($, more than three times that of Xerox. CNBC reported on Thursday that Xerox had offered HP US$22 a share in the takeover bid. It claims that a deal will save money for both companies, who have announced cost cutting measures recently. Xerox says it will cut costs by more than US$640m while HP has announced that it will lay off more than 16 percent of its workers.

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