By Dave Gordon
By Dave Gordon
Xerox has made a new offer of about $35bn (£27bn) including debt to buy personal computer maker HP.
The US printer has increased its offer to $24 per share from $22 per share.
It first made a cash-and-stock offer to HP, which is more than three times its size, in November.
It hopes the increased offer will win over the support of its rival’s shareholders in a move that is likely to escalate hostilities between the two companies.
Printer maker Xerox has made a $33bn (£25bn) bid for personal computer maker HP - a company more than three times its size.
HP confirmed after the US stock market closed on Wednesday that it had received the bid, but declined to disclose the offer price.
HP said it would onsider Xerox's latest proposal "with an eye towards what is in the best interest of all our shareholders".
The Wall Street Journal first reported that Xerox was preparing a bid for HP.
HP shares closed 6.4% higher at $19.57 while Xerox shares rose 3.6% to $37.66 - valuing the print maker at $8.3bn.
Reports that Xerox is considering a bid for personal computer maker HP have sparked an 8% jump in the latter's share price in pre-market trade.
Xerox shares were down 3.1%.
It follows a report in the Wall Street Journal that Xerox's board discussed the possibility of a bid for the $27bn computer maker on Tuesday.
Personal computer maker HP will cut up to 9,000 jobs worldwide as part of a push to slash costs and boost sales.
The company said the job reductions would help the firm save about $1bn (£810m) by the end of fiscal 2022.
HP, which has around 55,000 employees, said the cuts will come from a combination of redundancies and voluntary early retirements.
"We are taking bold and decisive actions as we embark on our next chapter," the firm's incoming chief executive Enrique Lores said in a statement.
According to a statement from the US Department of Justice, Mr Lynch, 53, engaged in a scheme to defraud buyers and sellers of shares in Autonomy around the time of its $11bn sale to Hewlett-Packard in 2011.
It alleges that he and Stephen Keith Chamberlain, Autonomy’s former vice president for finance, misled others about the "true performance of Autonomy’s business, its financial condition, and its prospects for growth" between 2009 and 2011.
Mr Lynch's lawyers says that he will "vigorously defend the charges against him".