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

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

Reuters 

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 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.

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.

First Published: Mon, February 10 2020. 21:18 IST
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