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Xerox Holdings Corp (NYSE:XRX) has made a move to acquire all outstanding shares of rival company HP Inc. (NYSE:HPQ) even as the PC and printer company continues to resist a deal saying it undervalues the business.

Xerox to offer HP Shareholders $24 per share

Under the deal, Xerox is tabling its will offer HP shareholders cash, or Xerox shares or a combination of the two. Xerox increased its offer to HP stockholders to $24 per share, whereby they will pay $18.40 in cash while the rest will comprise 0.149 Xerox shares. HP continues to block the takeover, indicating that it undervalues its business, but Xerox has indicated that it will launch a public takeover effort this month.

The takeover saga has dragged since last late last year when Xerox initially made a proposition for a friendly acquisition of HP. However, after HO rebuffed Xerox’s $30 billion offer, the printer maker chose to pursue a hostile takeover instead. It is understood that Xerox has been courting HP shareholders in a bid to win them and convince them about the takeover.

HP to buy back stock as a way of blocking Xerox takeover

On Monday, HP indicated that its board was evaluating Xerox’s offer but informed shareholders that they should not make any decisions about their shares for now. Although HP has indicated that Xerox’s offer undervalues its business, it has nonetheless indicated that it is open to a different possible deal that will involve a combination of the businesses. Last week the Palo Alto-based company announced that it will buy back its stock worth around $15 billion in a bid to block Xerox’s takeover.

When Xerox proposed the merger of the businesses last year, it indicated that it will help in cost-saving, free up cash for other new investment s as well as enhance returns for shareholders. Xerox is known for its large printers and copiers and makes its revenue by renting the devices to business while HP is known for its smaller PCs, printers, and printer supplies.

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