HP has turned down a $33 billion (roughly Rs. 2,36,469 crores) hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival.
But the company’s board members have fundamental questions that need to be addressed first. It said, for instance, that Xerox’s revenue dropped from $10.2 (roughly Rs. 73,088 crores) billion to $9.2 billion (roughly Rs. 65,923 crores) since June 2018. Moreover, HP is three times more valuable than Xerox with a $27 billion (roughly Rs. 1,93,467 crores) market value.
HP was one of the first Silicon Valley giants. In 2015, it spun off its enterprise products and services business, and held onto the PC and printer businesses. It was renamed HP Inc. Xerox, founded in 1906 as Haloid, was the pioneer in photocopy machines.