Xerox says it will offer $35B for HP after rejections

FILE – This May 24, 2016, file photo shows Xerox copiers at a store, in North Andover, Mass. Xerox said Monday, Feb. 10, 2020, that it will raise its offer for computer and printer maker HP to nearly $35 billion after a lower bid was rejected. (AP Photo/Elise Amendola, File)

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NEW YORK (AP) — Xerox says it will raise its offer for computer and printer maker HP to nearly $35 billion after a lower bid was rejected.

Xerox said Monday that it plans to make the offer about March 2. It will consist of $24 per HP share, including $18.40 in cash and 0.149 Xerox shares for each HP share.

In November, HP rejected a roughly $33.5 billion buyout offer from Xerox, saying that the bid undervalued HP. HP said at the time that it remained open to exploring other options to combine with Xerox Holdings Corp., best known for its copying machines.

The companies have struggled as the demand for printed documents and ink have waned, and both are cutting costs.

HP did not immediately respond to a request for comment.

Shares in Xerox rose 1.5%, while HP Inc.’s rose 1.8% in midday trading Monday.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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