HP rejects Xerox’s $33.5 billion bid ahead of a Monday deadline to take it or face hostile takeover, bringing the 2 tech giants closer to a proxy war

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HP rejected Xerox’s $33.5 billion bid ahead of a Monday deadline to accept a merger or face a hostile takeover bid, setting the stage for a possible proxy war between the two tech companies.Xerox had offered to buy HP for $22 a share. HP rejected that offer last week, prompting Xerox CEO John Visentin to write back with an ultimatum.HP called Xerox’s bid opportunistic, stressing the Xerox’s deal doesn’t make sense.”It is clear in your aggressive words and actions that Xerox is intent on forcing a potential combination on opportunistic terms and without providing adequate information,” HP CEO Enrique Lores and Chairman Chip Bergh said in a letter to Visentin.

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