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Xerox offers HP $22 per share in a mostly cash offer, sources say

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Xerox has offered HP $22 per share in its takeover bid for the company, sources familiar with the deal tell CNBC’s David Faber.

Sources also said the bid consists of 77% cash and 23% stock, or $17 in cash and 0.137 Xerox share for each HP share. The deal, if accepted, is expected to generate about $2 billion in cost synergies and result in HP holders owning 48% of the company, the sources said.

Nearly a month ago on Oct. 10, HP closed at $16.03. The offer represents a 37% gain from that low. The shares traded on Thursday at $19.61, below the offer price as investors have their doubts the deal will go through. Concerns about the tie-up largely stem from the wide size disparity between HP…



Source cnbc.com

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