HP Declares Victory in Battle to Merge With Compaq

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Last updated at: (Beijing Time) Wednesday, March 20, 2002

HP Declares Victory in Battle to Merge With Compaq

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Hewlett-Packard Co. said Tuesday afternoon that based on a preliminary estimate of shareholder proxies by its proxy solicitor, it has received sufficient votes to approve the plan to merge with Compaq.

The announcement was made hours after shareholders voted on the proposal. But the company noted that the results are not official.

"We are gratified that HP shareholders recognize the compelling strategic and economic benefits of the merger and that a decisive majority of shares not affiliated with the Hewlett and Packard families and foundations appear to have been voted in favor of this transaction," HP CEO Carly Fiorina said in a statement. By Hewlett and Packard families she referred to the descendants of the company's two co-founders who, led by Walter Hewlett, are opposed to the merger.

Official certification of the voting results by the independent inspectors of election, IVS Associates, is expected in the next few weeks, HP said.

At a press conference after the shareholder meeting, Fiorina called the margin "slim but decisive."

Meanwhile, Hewlett refused to concede defeat at his own press conference after the shareholder meeting.

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