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Xerox (XRX. N) has made a $33 billion cash and stock offer to personal computer maker HP (HPQ. N). HP is more than three times the size of Xerox.
HP confirmed the offer, but declined to disclose the offer. The two companies have also discussed merger plans in the past, and HP said in a statement that it would consider Xerox's latest proposal to "focus on the most shareholder friendly plan".
Xerox offered to buy HP for $22 to $23 A share, paying cash and shares, the source said. Xerox has arranged to raise funds from Citigroup (C.N) to finance the cash portion of the deal.
Xerox believes it can build an office technology supply giant to create synergies of at least $2 billion a year, a source said. Another source added that HP would take a few days to consider the proposal before responding.
As the matter is confidential, the source requested anonymity.
Xerox and Citi did not respond to requests for comment.
HP shares closed up 6.4 percent at $19.57 in New York on Wednesday, while Xerox shares closed up 3.6 percent at $37.66, with a market capitalization of $8.3 billion.


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