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HP soon to be taken over by Xerox

According to a report from the Wall Street Journal, Xerox is said to be considering making a cash and stock offer for HP that would value the Palo Alto-based company at $27 billion. The Journal cited “people familiar with the matter” as saying Xerox’s board of directors discussed acquiring HP.

HP has been struggling with its printer business segment recently. The company’s segment revenue was down 5% on-year when it reported its third-quarter results in August.

“We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted. We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders,” Hp Said.

Sources say Xerox has also received an informal funding commitment from a major bank; And Xerox had said it will sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings, for $2.3 billion.

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