Hewlett trust to challenge HP merger vote tally
4/17/2002 6:36:01 PM
PALO ALTO, Calif., April 17 (Reuters) - The trust headed by Hewlett-Packard Co. (HWP) dissident director Walter Hewlett, who led opposition to the company's bid to buy Compaq Computer Corp. (CPQ) , on Wednesday said it would challenge a preliminary tally showing shareholders approved the merger.
"We will examine and challenge," said Todd Glass, a spokesman for the William Hewlett Revocable Trust.
Hewlett-Packard said on Wednesday that the initial results showed that shareholders had approved the controversial merger by a 3 percent margin out of 1.63 billion shares voted.
In an earlier statement, the William Hewlett Revocable Trust, which represents the assets of one of HP's co-founders, had only said that "extremely narrow" decision could be challenged under corporate bylaws.
HP, in its statement, said a recount could be completed in about a week with another day or two to complete the challenge process.
A source close to Hewlett's camp said the company was trying to hurry those proceedings before a pending lawsuit challenging the merger vote goes to trial in Delaware. It would take some time for proxy solicitors from both sides to examine votes and complete a recount, he said. |
