Xerox, the pioneer in copier machine maker, has made a cash-and-stock offer printer and computer maker HP Inc. With rumours flying high, HP confirmed the development in a statement, but declined to disclose the offer price. However, according to media reports, Xerox has offered anywhere between $27 billion and $33 billion for the deal.
"...we have had conversations with Xerox Holdings Corporation from time to time about a potential business combination. We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday," HP Inc said in its statement.
It is to be noted that HP Inc is three times the size of Xerox, which made its name synonymous to the process of photocopying worldwide.
Hewlett-Packard was one of the early success stories from Silicon Valley. However, the company split into two in 2014. HP Inc got printers and PCs, while HP Enterprise got servers and enterprise software.
HP got a new CEO just five days ago in Enrique Lores, its former president of imaging and printing business.
The Xerox's move to take over HP Inc comes amid Fuji Xerox, a wholly owned subsidiary, buying Xerox's stake in the firm and ending a 57-year-old partnership between the Japanese and US companies.
Fujifilm will acquire the 25 per cent stake in Fuji Xerox owned by Xerox. The for $2.3-billion deal gives Fujifilm a 100 per cent stake in the firm. Xerox has reinvented itself as a company CEO John Visentin, who took over last year.