The printing corporation HP Inc. unanimously rejected a proposed takeover bid from copy machine giant Xerox on Sunday.
In a statement, HP said its board “considered the highly conditional and uncertain nature of the proposal” and determined the combined company would carry too much debt. HP added that Xerox’s offer “significantly undervalues HP” and the deal is “not in the best interest” of shareholders.
HP also said it might consider a possible merger with Xerox in the future if the company discloses more information.
HP announced this month that the two companies were in talks about a possible “business combination,” which put a spotlight on the flailing printing industry as digital products increasingly displace hard copies.