HP shoots down Xerox's €34bn takeover offer

HP has shot down an initial takeover bid from rival print vendor Xerox, claiming that its $33.5bn offer "significantly undervalues" the company. In a letter to Xerox's CEO John Visentin, published on Sunday, HP wrote that its board of directors unanimously voted against the merger, claiming that it undervalues the company and is not in the best interest of HP shareholders. "In reaching this determination, the board also considered the highly conditional and uncertain nature of the proposal,...