(Nov 25): HP Inc reiterated on Sunday its rejection of Xerox Corp’s US$33.5 billion ($45.7 billion) cash-and-stock offer for the company, adding that the proposal “significantly undervalues HP.”

The personal computer maker said last Sunday it rebuffed Xerox’s offer, and that it was open to exploring its own bid for the U.S. printer maker. Xerox had offered HP shareholders US$22 per share, involving US$17 in cash and 0.137 Xerox share for each HP share, according to a Nov. 5 letter.

“We reiterate that we reject Xerox’s proposal as it significantly undervalues HP,” HP said in a letter to Xerox made public on Sunday.

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