One of HP's main complaints is Xerox's sagging revenue, which has been posting year-over-year declines in recent financial quarters. "Xerox's revenue has fallen from $10.2 billion to $9.2 billion (on a trailing 12-month basis) since June 2018, and this is expected to continue," the letter notes.
https://www.pcmag.com/news/372170/hp-heres-why-merging-with-xerox-is-a-bad-idea
https://www.pcmag.com/news/372170/hp-heres-why-merging-with-xerox-is-a-bad-idea