Xerox Corp (NYSE:XRX) has rejected a merger offer from RR Donnelley & Sons Co (NASDAQ:RRD).
RR Donnelley was interested in merging with Xerox’s copier business following a planned split of the company. The XRX Board looked over the offer, but ultimately refused it. Now it will break into a documents business and copier business.
The offer made by RR Donnelley to merge with Xerox would have offered savings in cost cuts. There would have been a premium for XRX in the deal and RRD executives would have taken control of the company. The copier company chose its own plan because it determined it wasn’t as risky, reports The Wall Street Journal.
Reuters reports that Xerox has refused to comment to it on the matter and that RR Donnelley couldn’t be reached for a comment.
RRD shares were down 3% as of Friday morning.
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