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HP rejects Xerox’s raised takeover offer – Source Reuters Tech News

FILE PHOTO: The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 11, 2019. REUTERS/Brendan McDermid – RC15DA6446E0/File Photo

(Reuters) – HP Inc (HPQ.N) on Thursday rejected Xerox Holdings Corp’s (XRX.N) raised takeover bid of about $35 billion, saying that the offer still undervalued the personal computer maker.

The U.S. printer maker had increased its offer last month by $2 to $24 per share, following rejections of its previous buyout offers by the PC maker.

“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,” Chip Bergh, chair of HP’s board, said on Thursday.

Xerox did not immediately respond to a request for comment.

Following the raised offer, HP had said it would implement a poison pill plan…

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Source Reuters Tech News

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