The board of copier maker Xerox discussed the possibility Tuesday, people familiar with the matter told the Journal.
There is no guarantee Xerox will follow through with an offer, the Journal noted, or that one would succeed.
HP, which makes computers and printers, is more than three times the size of Xerox and any bid would be at a premium to its current stock price of $18.40, the people said. Xerox has a market cap of $8.05 billion.
Watch the full video above for Jim Cramer's explanation of why a deal between the two companies may not work.
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