HP Inc.’s board unanimously rejected Xerox Holdings Corp.’s unsolicited takeover proposal, saying the $22-a-share offer is too low and citing concerns about the smaller rival’s prospects in the printing industry.

HP is “open to exploring” a merger but there are “fundamental questions that need to be addressed,” Chief Executive Officer Enrique Lores and Chairman Chip Bergh wrote in a letter to Xerox CEO John Visentin. They cited Xerox’s revenue decline since June 2018, “which raises significant questions for us regarding the trajectory of your business and future prospects.”

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