https://www.computing.co.uk/ctg/news/3083835/hp-rejects-xerox-acquisition-offer
 
On Sunday, HP Inc. released a letter from its board of directors stating that it rejects acquisition offer from Xerox Corporation pointing out that: "We have great confidence in our strategy and our ability to execute to continue driving sustainable long-term value at HP. In addition, the Board and management team continue to take actions to enhance shareholder value including the deployment of our strong balance sheet for increased repurchases of our significantly undervalued stock and for value-creating M&A."

This decision shows a strong will from the folks over at HP to continue their business in the way they usually done for many years. Additionally, HP stated the following: "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. However, as we have previously shared in connection with our prior requests for diligence, we have fundamental questions that need to be addressed in our diligence of Xerox. We note the decline of Xerox's revenue from $10.2 billion to $9.2 billion (on a trailing 12-month basis) since June 2018, which raises significant questions for us regarding the trajectory of your business and future prospects.", showing the downsides of the potential merger and questioning abilities of Xerox to manage two companies.
 
However HP did leave a door open for future consideration

HP is too big for Xerox, in my opinion.  Xerox will have a harder and harder time as technology continues to evolve and things continue to be more and more paperless.

Xerox has acquired a 24 Billion dollar M&A loan ... looks like they really want to acquire HP
 
Xerox Lines Up $24 Billion M&A Loan in Pursuit of Deal with HP