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HP Again Rejects Xerox's $33.5 Bln Takeover Offer

HP Inc (HPQ) again rejected a $33.5 billion takeover offer from Xerox Holdings Corp. (XRX), saying that the proposal still undervalues HP.

HP said that Xerox securing financing for its takeover offer for the personal computer maker is not a basis for a discussion.

Xerox said Monday it had secured $24 billion of financing for a potential acquisition of Palo Alto, California-based HP.

HP said Wednesday in a letter to Xerox Chief Executive Officer John Visentin, "The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities."

HP had in late November reiterated its rejection of Xerox's $33.5 billion cash-and-stock offer for the PC and printer maker, saying that the proposal significantly undervalued the company. Xerox had proposed to acquire HP for $22.00 per share, comprising $17.00 in cash and 0.137 Xerox shares for each HP share.

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