HP Inc on Thursday rejected Xerox Holdings Corp’s raised bid of about $35 billion, saying that the offer still undervalued the personal computer maker.
The U.S. printer maker had increased its offer last month by $2 to $24 per share, following rejections of its previous buyout offers by the PC maker.
“Our message to HP shareholders is clear: the Xerox offer undervalues HP and disproportionately benefits Xerox shareholders at the expense of HP shareholders,” Chip Bergh, chair of HP’s board, said on Thursday.