HP says open to exploring bid for Xerox

HP Inc said on Sunday it was open to exploring a bid for US printer maker Xerox Corp after rebuffing a $33.5 billion cash-and-stock acquisition offer from the latter as “significantly” undervaluing the personal computer maker.

Xerox made the offer for HP, a company more than three times its size, on November 5, after it resolved a dispute with its joint venture partner Fujifilm Holdings Corp that represented billions of dollars in potential liabilities.

Responding to Xerox’s offer on Sunday, HP said in a statement that it would saddle the combined company with ”outsized debt” and was not in the best interest of its shareholders. However, HP left the door open for a deal that would involve it becoming the acquirer of Xerox, stating that it recognized the potential benefits of consolidation.