NEW YORK: HP Inc on Thursday rejected Xerox Holdings Corp’s raised takeover bid of about US$35 bil (RM147.02 bil), saying that the offer still undervalued the personal computer maker.
The US printer maker had increased its offer last month by US$2 to US$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 jeopardise the entire company,” Chip Bergh, chair of HP’s board, said on Thursday.
Xerox did not immediately respond to a request for comment. – March 5, 2020, Reuters
