The bid now consists of $18.40 a share in cash and 0.149 of a Xerox shares for each HP share.
Xerox has made a serious push to take over the much larger HP, announcing last month that it intends to nominate a slate of 11 candidates to replace the printer company’s board as Xerox pushes its hostile takeover bid.
Xerox previously said "the candidates were chosen because of their expertise overseeing and executing significant company transformations and combinations, with demonstrated track records of creating value for shareholders."
The slate will be nominated at HP's annual shareholders meeting, Xerox said. An HP spokesman said in an email that a date for the annual meeting has not been announced yet.
"These nominations are a self-serving tactic by Xerox to advance its proposal, that significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders," HP said in January.
Xerox shares fell down 1.53% in premarket trading Monday. HP shares rose 4.46% to $22.70.