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HP Rejects Xerox’s Hostile Takeover Offer, Calling Bid Too Low

  • Offer ‘meaningfully undervalues HP’ in favor of Xerox, HP says
  • Palo Alto company advises shareholders against tendering
Signage is displayed outside HP Inc. headquarters in Palo Alto, California.
Signage is displayed outside HP Inc. headquarters in Palo Alto, California.Photographer: David Paul Morris/Bloomberg
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HP Inc. said it has rejected an unsolicited takeover offer from Xerox Holdings Corp. and has asked shareholders not to tender their shares.

The offer “meaningfully undervalues HP and disproportionately benefits Xerox shareholders,” the Palo Alto, California-based company said in a statement on Thursday. Xerox’s “urgency” in launching the offer shows its “desperation to acquire HP to address its continued business decline.”