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Technology Stocks : HWP -- Hewlett Packard

HPQ 26.64

+2.7%

Nov 5 3:59 PM EST

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To: Dave B who wrote (4611)	4/26/2002 6:16:53 AM
From: stockman_scott	Read Replies (1) of 4722

Fiorina pressed about call to investors Deutsche Bank was told that HP vote was of 'great importance' Friday, April 26, 2002 THE ASSOCIATED PRESS WILMINGTON, Del. -- Hewlett-Packard Co. Chief Executive Carly Fiorina was called back to the witness stand yesterday to explain why she told a big investor its vote on the proposed acquisition of Compaq Computer Corp. was "of great importance to our ongoing relationship." The comment was made in a last-minute presentation Fiorina and HP Chief Financial Officer Bob Wayman made to Deutsche Bank investment managers just before HP's shareholder vote March 19 on the Compaq deal began. In a dramatic and combative sequence on the final day of a three-day trial, Fiorina -- who already had testified for seven hours Tuesday and Wednesday -- was called back to discuss the conversation with Deutsche Bank because a tape recording of the call did not become available to attorneys involved in the case until Wednesday. "We very much appreciate your willingness to listen to us this morning," Fiorina told the Deutsche money managers as she concluded the call, according to a transcript read by Stephen Neal, an attorney for dissident HP director Walter Hewlett. "This is obviously of great importance to us as a company. It is of great importance to our ongoing relationship. We very much would like to have your support here. We think this is a crucially important decision for this company." Walter Hewlett is suing the company in hopes of overturning the shareholder vote because he believes HP misled investors about the progress of its merger plans and improperly coerced Deutsche Bank to support the deal after it originally intended to reject it. Fiorina defended the "ongoing relationship" remark, saying it is a common way to speak to an investment bank. A preliminary tally released last week found that 51.4 percent of HP shares were voted for acquiring Compaq, with 48.6 percent against. That amounts to a lead of 45 million shares -- which means Chancery Court Judge William Chandler would have to do more than erase Deutsche Bank's 17 million votes to overturn the deal.

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