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Xerox offering $22/share for HP – CNBC

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Xerox’s (NYSE:XRX) offer for HP (NYSE:HPQ) consists of 77% cash and 23% stock, according to CNBC sources.

HP shareholders would own 48% of the combined company.

Yesterday, WSJ sources said Xerox would offer under $23 per share in the bid.

After the bell, HP confirmed receiving a proposal but provided no further details.

HP shares are up 1.2% pre-market to $19.80.

Source: M A News on Seeking Alpha