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Inside Xerox bid for HP: What would a merger mean?

Because of its larger size and lower debt burden, HP Inc. is positioned to counteroffer Xerox with an offer to merge. The companies were in talks before Xerox’s original offer, and HP Inc.’s objection to the current offer is regarding valuation, so TBR believes HP Inc.’s board would consider a merger on better terms. What would a merger look like and what would be its impact? Here is an analysis.

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