https://www.mercurynews.com/2020/03/05/hp-turns-down-xeroxs-35-billion-takeover-offer/

HP on Thursday said it has rejected Xerox’s latest unsolicited acquisition offer on the grounds that it, once again, undervalues the Palo Alto-based PC and printing technology company.

HP said its board believes Xerox’s cash-and-stock offer of $35 billion isn’t in the best interest of HP shareholders, and it is recommending those shareholders reject Xerox’s tender offer for their stock. On Monday, Xerox launched a public tender offer of $24 in cash and 0.149 shares of Xerox stock for every share of HP stock.