HP rejects Xerox takeover bid, but remains open to merger

PALO ALTO, California —  Hewlett Packard Inc. (NYSE:HPQ) shot down a  bid by rival computing company Xerox Inc. (NYSE: XRX) Sunday after weeks of speculation between a possible tie-up involving one of Fort Collins’ largest private employers.

In a statement Sunday morning, HP’s board said it unanimously rejected a $22 per share offer from Xerox, calling it both unsolicited and an undervaluation of the computer maker. HP also raised concerns about the large debt load the combined company would carry.

However, in a letter sent to Xerox’s board, HP said it remains open to exploring a…