HP rejects 'hostile' takeover bid by Xerox

US technology company HP Inc has again rejected Xerox Corp's attempt to seek a forced combination of the two companies, saying its proposal "significantly undervalues HP." In a letter to Xerox, HP Chief Executive Enrique Lores and board chair Chip Bergh said on Sunday the company's board of directors has reviewed Xerox's letter dated Nov 21 that offered to buy HP for about $33.5 billion, and turned down the latter's bid. HP questioned the US office technology company's ability to raise cash for the purchase, saying Xerox's propose is "highly conditional and uncertain". HP said Xerox failed to give a clear answer to questions it raised in private discussions with Xerox executives in August and September.