#HP rejects #Xerox's raised takeover offer

It's all getting a bit boring but HP Inc's board has again unanimously rejected Xerox's $36.5bn buyout bid, saying it low-balls their valuation of the company and "disproportionately benefits" Xerox shareholders.

In a statement issued to investors last night, HP recommended for the umpteenth time that its stock owners do not tender shares.

Chip Bergh, chairman of the board, said Xerox's recently upped $36.5bn offer still "undervalues HP" and comes "at the expense of HP shareholders".

"The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company."

Talks between Xerox and HP Inc began in August 2019 and were made public in November. HP has repeatedly refused to enter into mutual due diligence citing worries about the buy price, among other things.