Computer firm HP rejects takeover approach by Xerox

Board declines unsolicited proposal, despite billionaire investor Carl Icahn’s support

Personal computer firm HP has rejected a takeover approach from printer maker Xerox, despite pressure from billionaire investor Carl Icahn to agree a merger.

HP’s board of directors said on Sunday that they had unanimously rejected an unsolicited proposal from Xerox Holdings Corporation. They concluded the $33.5bn (£26bn) offer undervalued HP and was not in the best interests of shareholders.

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