Xerox is considering a cash-and-stock offer for HP Inc

The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange in New York U.S

Reuters The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange in New York U.S

Share value in HP Inc.is up 11.58 percent on the news while Xerox stock is trading up 1.54 percent as of writing.

The report notes Xerox, valued at $8 billion, has backing from a major bank to take over HP, valued at $27 billion - nearly three times more than the former.

Sources familiar with the matter told The Wall Street Journal that Xerox's board discussed the matter during a meeting on Tuesday.

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A takeover of HP by Xerox would bring together two of the most recognized names in the printing industry. There's an even more striking sixfold difference in annual revenue, HP at more than $58 billion for its most recent fiscal year and Xerox at $10 billion. Xerox has already secured an informal funding commitment from a major bank, the Journal reported, on top of proceeds from the sale of its stake in Fuji Xerox.

As the demand for psychical printing diminishes year-on-year, both Xerox and HP are struggling to reinvent themselves and cut costs, with the WSJ estimating that a deal could see both parties saving $2 billion.

The merger of the two companies, if approved by U.S. regulators, is expected to bring business synergies for both companies as demand for document printers continue to reduce with increasing digitization.

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The two sides agreed on this in January previous year, but Xerox cancelled the deal after some of its largest shareholders raised opposition.

HP was spun out of Hewlett-Packard Co.in 2015 along with Hewlett Packard Enterprise Co., which makes computer servers and other data center equipment.

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