Upon its dispute resolution with Fujifilm, Xerox made a bold move on its competitor, HP Inc.
It offered USD$22-a-share, resulting in a total of $33.5 billion to acquire HP.
HP’s board of directors unanimously rejected the bid. In a letter to Xerox, HP cited the proposal as “unsolicited”, and deemed it significantly undervaluing to HP, and not in the best interests of its shareholders.
A merger is not off-the-table yet it seems; at the close of the rejection letter, HP indicated its interest to continue the conversation.