Xerox to launch direct plea to HP shareholders in $33.5 bn takeover bid

Xerox Corp said on Tuesday it was planning to take its $33.5 billion buyout bid directly to HP Inc shareholders after the personal computer maker refused to open its books for due diligence before a deadline.

“We plan to engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity,” Xerox said in a letter to HP’s board.

HP did not immediately respond to a request for comment.

HP on Sunday rejected Xerox’s $22 per share offer that consists of $17 in cash and 0.137 Xerox share for each HP share, saying the offer “significantly undervalues HP”.