Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Saturday, February 29, 2020  Spokane, Washington  Est. May 19, 1883
Clear Night 36° Clear
News >  Business

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

UPDATED: Mon., Feb. 10, 2020

FILE - This May 24, 2016, file photo shows Xerox copiers are displayed at a store in North Andover, Mass., on May 24, 2016. 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. (Elise Amendola / AP)
FILE - This May 24, 2016, file photo shows Xerox copiers are displayed at a store in North Andover, Mass., on May 24, 2016. 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. (Elise Amendola / AP)
Associated Press

NEW YORK – 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 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.

Subscribe to the Morning Review newsletter

Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter.


Asking the right questions of your CBD company

Bluegrass Hemp Oil in Spokane Valley offers a variety of products that can be very effective for helping with some health conditions. (Courtesy BHO)
Sponsored

If you are like most CBD (cannabidiol) curious consumers, you’ve heard CBD can help with many ailments.