Xerox Secures $24 Bln In Binding Financing Commitments For HP Acquisition

(RTTNews) - Xerox Holdings Corp. (XRX) said Monday that it sent a letter to the Board of Directors of HP Inc. (HPQ) confirming that it has obtained $24 billion in binding financing commitments from Citi, Mizuho and Bank of America to complete its value-creating combination with HP.

HP had in late November reiterated its rejection of Xerox's $33.5 billion cash-and-stock offer for the PC and printer maker, saying that the proposal significantly undervalued the company. Xerox had proposed to acquire HP for $22.00 per share, comprising $17.00 in cash and 0.137 Xerox shares for each HP share.