It marks the end of a five-month-long offensive by Xerox, kicked off when its offer became public in early November after the two companies had earlier explored a combination quietly but failed to come to an agreement. HP has repeatedly rebuffed its rival since then, rejecting Xerox’s latest cash-and-stock offer of $24 a share and an earlier one as insufficient and too risky given the amount of debt involved. Xerox’s move to buy a company more than three times its size was always going to be a challenge, but at the outset the company was in a stronger position than it is today. It had cash coming in from the sale of its joint venture with Fujifilm and its stock had been rising as it continued to cut costs.
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