https://www.theregister.co.uk/2019/11/18/hp_xerox_valuation/

HP’s board has spurned the advances of Xerox, saying the $33.5bn opening bid “significantly undervalues” the business.

In a letter sent today to John Visentin, Xerox’s CEO and vice chairman, HP CEO Enrique Lores and chairman Chip Bergh said the HP board “unanimously concluded” the proposed price falls short of their valuation of HP and is “not in the best interests of shareholders”.