Hewlett-Packard may have a new lord and master. Print and digital document giant Xerox has offered HP $22 per share in a takeover bid, despite the latter having triple the market cap ($29 billion). If HP were to accept the deal, its holders would end up owning only 48% of the company.
“We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday,” the company said in a statement. “We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders.”