HP Inc. today confirmed that Xerox Holdings Corporation (Xerox) has commenced an unsolicited exchange offer to acquire all outstanding shares of HP common stock for consideration consisting of cash, Xerox common stock, or a combination thereof.

HP said that its Board of Directors will "carefully review and evaluate the Offer to determine the course of action that the Board believes is in the best interests of the company and all HP shareholders."

HP intends to advise shareholders of the board’s position regarding the Xerox offer within ten business days by making available to shareholders a solicitation/recommendation statement on Schedule 14D-9, to be filed with the U.S. Securities and Exchange Commission and published on HP’s website at www.hp.com.

Xerox has pitched HP investors on a cash-and-stock offer worth $24 a share. For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares. Xerox has said combining the companies would yield $2 billion in cost savings and more than $1 billion in additional revenue growth.

HP’s board has rejected Xerox’s offer as undervaluing the Palo Alto, California-based company, and said last week it will return $16 billion to shareholders in an effort to show it can stand on its own. HP executives, however, said they will engage Xerox to discuss a potential combination on their terms.