https://wccftech.com/hp-rejects-xeroxs-purchase-bid-while-raising-the-prospects-for-a-counter-offer/

A significant development took place this Sunday for investors of HP (NYSE:HPQ) and Xerox (NYSE:XRX). Through a statement that was released to the press, HP’s board of directors rejected the $33.5 billion takeover bid from Xerox and, concurrently, indicated the possibility of a counter purchase offer should Xerox make available its books for HP’s perusal.

In its takeover bid, Xerox had offered a purchase price for HP at $22 per share which, in turn, marks a share price premium of almost $2 relative to the Friday’s closing price of HP’s stock at $20.18. Moreover, the bid consisted of 77 percent cash and 23 percent stock which translates to $17 in cash and 0.137 Xerox share for each share of HP.