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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (96161)3/17/2002 11:59:21 PM
From: Elwood P. Dowd  Read Replies (2) of 97611
 
HP Sets the Record Straight on HP-Compaq Merger Statements
Walter Hewlett Claims Are Inaccurate About the Vote and HP Expense
PALO ALTO, Calif.--(BUSINESS WIRE)--March 17, 2002-- Hewlett-Packard Company (NYSE:HWP - news) HP would like to set the record straight regarding public support for the Compaq (NYSE:CPQ - news) merger.

Institutions that have publicly indicated their support for the merger own about twice as many shares as institutions that have publicly indicated their opposition, excluding the Hewlett and Packard families and the foundations associated with them.(1)

Claims made today by Hewlett regarding the registered holders voting on his green proxy card mischaracterize the actual vote of HP shareowners.

Shares owned by record holders (excluding the Hewlett and Packard interests) represent less than 3 percent of the total shares entitled to vote at the special meeting. Institutions and individual shareowners who own their shares in ``street name'' represent a significant majority of the outstanding HP shares.

HP is gratified by the tremendous support it has received from HP shareowners, including a significant majority of HP employees.

Hewlett's statement only reflects his tally on green proxy cards; he cannot know how even these shareowners have voted since they can and often do change their votes by delivering FOR votes on WHITE proxy cards.

Hewlett initiated this proxy contest. In pursuing the Compaq merger, HP is carrying out the will of the HP Board of Directors and the holders of a majority of the shares unaffiliated with the Hewlett and Packard families. Hewlett repeatedly mischaracterizes and exaggerates the cost and expense the company must incur in pursuing this proxy contest.
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