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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (94236)12/13/2001 5:22:44 PM
From: Elwood P. Dowd  Read Replies (1) of 97611
 
Compaq Board of Directors Responds
by: texas_red64
Long-Term Sentiment: Strong Buy 12/13/01 05:18 pm
Msg: 264615 of 264616

Compaq Board of Directors Responds to Walter Hewlett Letter

HOUSTON, Dec 13, 2001 /PRNewswire via COMTEX/ -- The Compaq Computer Corporation (NYSE: CPQ) Board of Directors today sent the following letter to Mr. Walter Hewlett:

This is a response to your letter of December 12, 2001.

We and the Compaq management team strongly disagree with your conclusions.

The Board of Directors of Compaq has carefully analyzed the short-term and long-term impact as well as the strategic implications of the proposed HP-Compaq merger. We are disappointed that both the Hewlett Foundation and the Packard Foundation have decided to oppose the transaction. We continue to believe that the combination of HP and Compaq will provide better market coverage, significant synergies and higher profits than either company would achieve on its own. These benefits will lead to the creation of long-term value for both Compaq and HP shareholders.
On that basis, we believe that this merger is well worth the effort and that our employees, shareholders and customers will be better served in the long term. Therefore we will continue to vigorously encourage shareholders to vote in favor of the transaction.

In addition, we are confident that over the coming months, the shareholders of both companies will recognize the value of the merger and give their approval.

The Board of Directors of Compaq is pleased with the execution of the company's present strategy and with its market momentum. We intend to maintain this positive momentum and bring an even stronger Compaq to the merger.
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