HP Inc. said Sunday its board of directors rejected a roughly $33.5 billion takeover offer from Xerox.
The Palo Alto, California-based company said the proposed cash and stock deal undervalues its business, and its board cited concerns about “outsized” debt levels should the companies combine.
HP, which makes computers and printers, said it recognizes the potential benefits of consolidation and remains open to exploring other options to combine with Xerox Holdings Corp.
Both companies have faced difficulties as the demand for printed documents and ink have waned.
Xerox offered this month to give HP shareholders $17 in cash and a fractional share of Xerox stock for each share they held in HP. If the deal had been completed, HP shareholders would own approximately 48% of the combined company.
2 professors accused of producing meth
Two Arkansas college chemistry professors have been arrested on charges of making meth.
The Clark County sheriff's office says Henderson State University professors Terry David Bateman and Bradley Allen Rowland were arrested Friday on charges of manufacturing methamphetamine and using drug paraphernalia.
It wasn't clear whether they remained in jail Sunday, and a jail official said he couldn't give out that information.
Tina Hall, a spokeswoman for the Arkadelphia-based school, said Bateman and Rowland have been on administrative leave since Oct. 11. She said three days earlier, police investigated a report of a chemical odor in the campus science center.
Hall said the building reopened Oct. 29 after a company filtered the air.
The arrests drew comparisons to the central character in the hit TV series “Breaking Bad,” in which a high school chemistry teacher began making methamphetamine.
Fraternity suspended after racist slur claim
An African American student at Syracuse University reported being called a racial slur over the weekend, prompting the college to suspend a fraternity Sunday and shut down social activities for all other fraternities for the rest of the semester pending an investigation.
The student told officials the slur came from a group of students, includeing members of a fraternity, and visitors on Saturday night. Chancellor Kent Syverud said officials have already “assembled substantial evidence, including security camera video, eyewitness accounts and interviews.”
Syracuse University was already investigating racist graffiti, including slurs against black and Asian people, found this month in a residence hall's bathroom.
Trump to present his 1st medals for arts
Oscar-winning actor Jon Voight, singer and musician Alison Krauss and mystery writer James Patterson are among the artists and philanthropists being honored by President Donald Trump for their contributions to the arts or the humanities, the first recipients of prestigious national medals since Trump took office.
The White House announced four recipients of the National Medal of Arts and four of the National Humanities Medal in a statement Sunday night. Voight is one of Trump's few vocal Hollywood backers and has hailed him as “the greatest president of this century.” Trump is also honoring the musicians of the U.S. military, who frequently entertain at White House events.
Trump will award the medals during a ceremony at the White House on Thursday.