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HP board rejects Xerox buyout offer

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The HP Board of Directors voted unanimously to reject a buyout offer from Xerox.

Xerox had offered $22 per share, with the bid comprising 77% cash and 23% stock.

“In reaching this determination, the board also considered the highly conditional and uncertain nature of the proposal, including the potential impact of outsized debt levels on the combined company’s stock,” board members wrote in a letter to John Visentin, Xerox’s CEO.

Read more from CNBC.


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