HP rejects Xerox’s raised takeover offer

FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – HP Inc on Thursday rejected Xerox Holdings Corp’s raised 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.

“Our message to HP shareholders is clear: the Xerox offer undervalues HP and disproportionately benefits Xerox shareholders at the expense of HP shareholders,” Chip Bergh, chair of HP’s board, said on Thursday.

Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi

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