Printer maker Xerox has made a $33bn (£25bn) bid for personal computer maker HP - a company more than three times its size.
HP confirmed after the US stock market closed on Wednesday that it had received the bid, but declined to disclose the offer price.
HP said it would onsider Xerox's latest proposal "with an eye towards what is in the best interest of all our shareholders".
The Wall Street Journal first reported that Xerox was preparing a bid for HP.
HP shares closed 6.4% higher at $19.57 while Xerox shares rose 3.6% to $37.66 - valuing the print maker at $8.3bn.