Xerox will have to find another computer and printing giant to buy. HP’s board of directors have unanimously rejected Xerox’s bid to acquire the company, which isn’t too surprising considering the size disparity between the two businesses. HP would have probably lost value if it agreed to the deal.

“In reaching this determination, the Board also considered the highly conditional and uncertain nature of the proposal, including the potential impact of outsized debt levels on the combined company’s stock,” the board wrote in a letter to John Visentin, Xerox’s CEO.

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