ROCHESTER, N.Y. (WHEC) — HP board unanimously rejects Xerox’s bid to acquire the company.

According to CNBC, "HP’s board of directors said Sunday that they unanimously rejected a proposal from Xerox to acquire the company, because the offer is not in the best interest of shareholders and would undervalue HP. Xerox had offered HP $22 per share in its takeover bid for the company. The bid consists of 77% cash and 23% stock, or $17 in cash and 0.137 Xerox share for each HP share."