The David and Lucile Packard Foundation Intends to Vote Against
Hewlett-Packard/Compaq Merger
LOS ALTOS, Calif., Dec 7, 2001 (BUSINESS WIRE) -- The David and Lucile Packard
Foundation today announced that it has preliminarily determined to vote its
shares of Hewlett-Packard Company against the Company's proposal involving the
merger with Compaq Computer Corporation.
Susan Packard Orr, Chairman of the David and Lucile Packard Foundation, stated
"The Board of Trustees understands the strategic considerations being addressed
by management, but after thorough study and analysis the Board has preliminarily
decided, on balance, that the best interests of the Foundation would be better
served by Hewlett-Packard not proceeding with the proposed transaction."
The David and Lucile Packard Foundation is a private family foundation created
in 1964 by David Packard (1912-1996), co-founder of the Hewlett-Packard Company,
and Lucile Salter Packard (1914-1987). The Foundation provides grants to
nonprofit organizations in the following broad program areas: conservation;
population; science; children, families, and communities; arts; and
organizational effectiveness and philanthropy. The Foundation makes grants at
the national and international level, and also has a special focus on the
Northern California counties of San Mateo, Santa Clara, Santa Cruz, and Monterey
and to the community where David Packard was born, Pueblo Colorado. The
Foundation's assets were approximately $6.4 billion as of November 30, 2001.
Grant awards totaled approximately $614 million in 2000, and the Foundation
expects to make grants of approximately $460 million in 2001.
CONTACT: Packard Foundation
John Walker/Amy Chamberlain, 650/917-7157 |
