According to recentÂ reports, HP has again rejects another from Xerox to acquire the company. HP believes that the potential transaction â€œseriously underestimatesâ€ the value of the company.
Xerox said on Monday that it had secured $24 billion in financing for the acquisition. However, in a letter to Xeroxâ€™s CEO on Wednesday, the company made it clear that â€œthis is not a basis for discussion.â€
â€œThe HP Board remains committed to promoting the best interests of all of HPâ€™s shareholders and pursuing the most value-creating opportunities,â€ the company said. The personal-computer manufacturer has repeatedly rejected Xeroxâ€™s takeover bids, saying its restructuring plan will provide shareholders with greater value.
Xeroxâ€™s interest in HP is strong and the company intends to take its offer directly to HPâ€™s shareholders. This could result in a proxy battle at HPâ€™s annual shareholdersâ€™ meeting. Activist investor, Carl Icahn, owns approximately 10.6% of Xeroxâ€™s stock as well as 4.24% stake in HP. His involvement in the takeover bid could be initiating the idea of taking the offer to HPâ€™s shareholders. In November, Icahn called a merger between both companies â€œa no-brainer.â€
The PC maker said it has no further comment on the matter at the present time. Xerox didnâ€™t immediately return a request for comment.