HP shares rally 5% as Xerox raises offer to $24 a share after rejections

Xerox Holdings Corp raised its offer to buy HP Inc to $24 per share from $22 per share on Monday, following several rejections of its previous buyout offer by the PC maker.

The latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share, valuing the company at about $35 billion.

The US printer maker first made a $33.5 billion cash-and-stock offer for HP, a company more than three times its size, in November. HP's board had then rejected the offer, saying it significantly undervalued the company.

Shares of HP were up more than 5% at $22.86 in trading before the bell.

Xerox said last month it plans to nominate 11 independent candidates to HP's board and that it had secured $24 billion in financing for the offer.