Xerox secures $24 billion financing for proposed HP takeover

Xerox Holdings announced on Monday that it has secured $24 billion funding from Citigroup, Bank of America and Mizuho for its takeover offer for HP.

Xerox Holdings Corp said on Monday it has secured $24 billion in financing for its $33.5 billion takeover offer for HP Inc, a deal that the personal computer maker is opposing.

HP rejected the $22 per share offer in November saying it “significantly” undervalued the company, following which the printer maker took the offer directly to HP’s shareholders.

Xerox has engaged in “constructive dialogue” with many of HP’s largest shareholders, the company’s chief executive officer, John Visentin, said in a letter addressed to HP’s board on Monday.

“My offer stands to meet with you in person, with or without your advisors, to begin negotiating this transaction,” Visentin said.

Activist investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox, in December urged HP shareholders who agreed with a merger with Xerox to reach out to the PC maker’s directors for immediate action.

HP has said it will agree to a deal that involves the computer maker becoming the acquirer of Xerox, stating that it recognizes the potential benefits of consolidation.

Shares of HP were up nearly 2% in trading before the bell. The company did not immediately respond to a Reuters request for comment.