I don't see why any competitor would buy for the following reasons
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Decreasing market share y/y in an industry that's decreasing y/y. It's cheaper to just take former Xerox customers at contract renewal.
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Accounting games where Corporate push around debt obligations (paying vendors/raises/bonuses). The true cash flow isn't known.
That said, stupid acquisitions happen every year. More often than not. If Xerox ever turns around revenue, it is small enough to be acquired. The most attractive targets are the ones that are growing.
Well said, @YTlEY4e-wgd.