Jim Cramer on HP Turning Down Xerox's Takeover Bid

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Jim Cramer and Katherine Ross run into Enrique Lores, CEO of HP  (HPQ) - Get Report, on the floor of the New York Stock Exchange during their TheStreet Live show.

Earlier Thursday, HP rejected a hostile takeover bid from smaller rival Xerox XRX Thursday, saying the $35 billion deal 'meaningfully undervalues' the company.

Xerox said earlier this week that it's prepared to pay $24 in cash and shares, up from its original bid of $22 in late November, to buy Palo Alto, California-based HP. Xerox has also vowed to name 11 independent candidates to replace HP's board at its next annual meeting as the two sides sparred over the value of the bid and the future of each company.

Watch the full video above for more on Cramer's take on the rejected takeover bid.

Disclosure: A family member of Katherine Ross’s is employed by HPQ.

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