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HP Rejects $33.5 Bln Takeover Offer From Xerox

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HP Inc. (HPQ) rejected a $33.5 billion takeover offer from Xerox Holdings Corp. saying that the offer significantly undervalues the personal computer firm and is not in best Interests of its shareholders. But, HP said it is interested in discussing a deal to merge with Xerox.

Earlier this month, Xerox had offered to buy HP for $22.00 per share comprised of $17.00 in cash and 0.137 Xerox shares, for a total transaction value of about $33.5 billion.

HP said in a statement on Sunday, "We have great confidence in our strategy and our ability to execute to continue driving sustainable long-term value at HP... We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xero."

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