HP on Thursday rejected Xerox's raised takeover bid of about $35 billion, saying the offer still undervalued the company.
Fred Katayama reports.
HP rejects Xerox's raised bid
HP still playing hard to get.
The maker of printers and personal computers on Thursday once again rejected Xerox's sweetened takeover offer.
Xerox had upped its bid last month by $2 to $24 a share, valuing HP at about $35 billion.
HP said the offer would disproportionately benefit Xerox shareholders.
It again accused Xerox of lowballing the company's true worth.
It said Xerox's offer would SADDLE the combined company with what it called an "irresponsible level of debt" and "require unrealistic, unachievable synergies." Following the most TAKEOVER bid, HP said it would adopt a poison pill DEFENSE that would stop investors SEEKING A MERGER from amassing CONTROL OF MORE than 20% OF THE company.
Xerox, a maker of LARGE printers and copiers, did not immediately respond to a request for comment.
It all started back in November when Xerox first offered to buy HP for $33.5 billion.
HP then rejected the bid, saying it significantly undervalued the company.
HP is three times bigger than Xerox.
Xerox shares fell more than 4% in early trading amid a broad market sell-off.
HP shed about 1%.