HP rejects takeover bid

HP Inc. said Sunday it turned down a $33 billion hostile takeover bid from Xerox, saying it undervalued the computer and printer maker. But the HP board said it still would like to discuss the possibility of reaching a deal with its rival, a venerable US tech company best known for its photocopy machines. "We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox," HP said in a statement.