HP has called Xerox's current bid “flawed and irresponsible”. The proposal creates a highly leveraged and irresponsible capital structure.Would result in  transfer of value from HP shareholders to Xerox shareholders. There is no overlap between Xerox and over 90% of HP’s business. HP believes a deal with Xerox would only unlock $1 billion in cost savings, not the $2 billion Xerox has promised. Xerox proposal uses HP's balance sheet strength to acquire HP , creating value for Xerox shareholders but not for HP’s.