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Xerox eyes US$27bn HP cash-and-stock bid: media reports

The Wall Street Journal said the printer company had discussed the matter but there are no guarantees it will go ahead with the offer

Xerox - Xerox eyes US$27bn HP cash-and-stock bid: media reports
On Tuesday, Xerox made US$2.3bn after terminating its joint venture with Fujifilm

Xerox Holdings Corp. (NYSE:XRX) is mulling over a US$27bn cash-and-stock offer to buy HP Inc. (NYSE:HPQ), in a move that could revive both long-standing tech companies which have been struggling to keep up with the industry.

The Wall Street Journal reported the printer company discussed the matter on Tuesday but there are no guarantees it will go ahead with an offer.

READ: Xerox exits joint venture with Fujifilm after 57 years

Xerox may be looking to leverage the US$2.3bn it cashed in following the sale of its 25% stake in the 57-year long joint venture with Fujifilm, announced on Tuesday alongside the dismissal of a US$1bn lawsuit.

The Japanese technology company had sued Xerox over a failed merger, alleging it had been unlawfully terminated due to pressure from activist investors at the US firm.

A deal between HP and Xerox could be beneficial for both companies, Wall Street Journal sources said, as they are both navigating through difficult times.

HP announced last month plans to cut 9,000 jobs over the next three years, as part of a restructuring strategy aimed at saving US$1bn by the end of fiscal 2020.

Shares in Xerox shed 3.8% at $35.01, while HP shares jumped 14.9% higher to $21.14 in pre-market New York trading.

 -- Updates share prices --

Quick facts: Xerox

Price: 37.6 USD

NYSE:XRX
Market: NYSE
Market Cap: $8.13 billion
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