PALO ALTO, CALIF—  The printing industries largest supplier HP has rejected a takeover from smaller rival Xerox. Despite pressure from activist Xerox shareholder  Carl Icahn, who owns over 10% of Xerox.He had described Xerox's deal as a "no-brainer". He was responsible for killing the FujiFilm bid for Xerox last year. HP's board of directors unanimously rejected the "unsolicited" proposal from Xerox , claiming their offer of undervalued HP and was not in the interest of shareholders. Also was the concern that Xerox would end up with " outsized debt levels of over $20 billion." HP indicated it might instead make its own offer to take over Xerox. It was reported before Xerox made it's offer for HP it was HP who had approached Xerox to buy them out. Xerox investor Carl Icahn has reportedly spent $1.2bn on a 4.24% stake in HP.