HWP buys CPQ
lurking
monty
Related Quotes
CPQ
HWP
12.35
23.21
-0.34
-0.19
delayed 20 mins - disclaimer
Monday September 3, 10:39 pm Eastern Time
Hewlett-Packard to Buy Rival Compaq -NYT
NEW YORK (Reuters) - Computer giant Hewlett-Packard Co. (NYSE:HWP - news) will announce on Tuesday it is buying rival Compaq Computer Corp. (NYSE:CPQ - news) for $25 billion in stock, The New York Times reported on Monday evening, citing executives close to the negotiations.
While an agreement had been reached in the acquisition, specific terms were not disclosed, according to the newspaper. However, a premium is being offered for Compaq's stock, The New York Times reported.
Carleton Fiorina, the chairman and chief executive of Palo Alto, California-based Hewlett-Packard, will become the new company's chairman and CEO, while Houston-based Compaq's Chairman and CEO Michael D. Capellas will become president of the new entity, according to The New York Times.
The newspaper said spokesmen for the two companies declined comment.
On Friday, Compaq's shares closed at $12.35, down 34 cents from Thursday, while Hewlett-Packard shares ended at $23.21, down 19 cents from Thursday's close, both in trading on the New York Stock Exchange. The U.S. stock market was closed Monday in observance of the Labor Day holiday.. |
