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 combination between the two companies in the future.

Xerox and HP both acknowledged the bid weeks ago after rumors of a deal were reported in financial news outlets. The offer was particularly unusual because Xerox, which reported $9.22 billion in revenue in the past 12 months, is significantly smaller than HP, which brought in $58.7 billion.

The deal would not have affected Hewlett Packard Enterprise Inc. (NYSE: HPE), a spinoff company from HP that also has significant operations in Fort Collins.

HP said it would cut between 7,000 and 9,000 jobs worldwide in October as part of a cost-cutting plan. It’s unclear how many of those jobs include employees in Fort Collins.