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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Reseller who wrote (96016)	3/12/2002 9:20:33 PM
From: Captain Jack	Respond to of 97611

WW is still only a pretentious idiot looking for a purpose of his life by his actions. Maybe he will find a purpose one day watching whales at Weight Watchers (another WW may interest him). SAN FRANCISCO, Mar 12, 2002 (The Canadian Press via COMTEX) -- With a week left until Hewlett-Packard Co. investors vote on the $22-billion purchase of Compaq Computer Corp., dissident director Walter Hewlett said Tuesday he is confident the deal will be shot down. "I believe I represent the views of a majority of stockholders," Hewlett said in a conference call with analysts and investors. "The market does not like this merger." Hewlett's camp includes more than 20 per cent of HP shares. Besides Hewlett and Packard family interests with 18 per cent of HP stock, several large investors have come out against the deal, including the California public employees' pension fund and Wells Fargo. The company, meanwhile, also claims to have momentum on its side. Its tally appears to be at least eight per cent of HP shares, with the potential for much more from investors that will be swayed by Institutional Shareholder Services, a proxy advisory firm that blessed the deal last week. "Most investors have policies that prevent them from making their voting decisions public, and we believe there is a silent majority of supporters," HP (COMTEX) B: Dissident Walter Hewlett confident of victory in Compaq merg B: Dissident Walter Hewlett confident of victory in Compaq merger fight SAN FRANCISCO, Mar 12, 2002 (The Canadian Press via COMTEX) -- With a week left until Hewlett-Packard Co. investors vote on the $22-billion purchase of Compaq Computer Corp., dissident director Walter Hewlett said Tuesday he is confident the deal will be shot down. "I believe I represent the views of a majority of stockholders," Hewlett said in a conference call with analysts and investors. "The market does not like this merger." Hewlett's camp includes more than 20 per cent of HP shares. Besides Hewlett and Packard family interests with 18 per cent of HP stock, several large investors have come out against the deal, including the California public employees' pension fund and Wells Fargo. The company, meanwhile, also claims to have momentum on its side. Its tally appears to be at least eight per cent of HP shares, with the potential for much more from investors that will be swayed by Institutional Shareholder Services, a proxy advisory firm that blessed the deal last week. "Most investors have policies that prevent them from making their voting decisions public, and we believe there is a silent majority of supporters," HP spokeswoman Rebeca Robboy said Tuesday. In fact, HP director Phil Condit, chairman and chief executive of Boeing Co., said Monday that a majority of HP's 20 biggest shareholders support the deal. Hewlett, who said he has met with more than 100 large investors during his five-month fight to torpedo the acquisition, called Condit's contention false. HP stockholders are due to vote on the deal next Tuesday. Most analysts say the race is too close to call. HP and Compaq believe that together they can dramatically improve their end-to-end technology packages for corporate customers, but Hewlett called that a recipe for losing focus. "Trying to do too much has been the downfall of many big conglomerates," he said. He also reiterated his belief that HP is overpaying for Compaq and would be much better off concentrating on its existing businesses, such as printing and digital imaging. Hewlett also said his family's charitable foundation, which owns about $733 million worth of HP stock, is reducing its stake in the company. While HP stock makes up 35 per cent of the foundation's assets now, it will comprise 15 per cent in three years, he said. HP's Robboy called that evidence that Hewlett is more risk-averse than many investors, saying he has "a short-sighted agenda to maximize short-term gain." HP shares fell 42 cents, or two per cent, to $20.56 on the New York Stock Exchange on Tuesday. Compaq stock dropped 15 cents, or 1.3 per cent, to $11.12. BRIAN BERGSTEIN The online source for news sports entertainment finance and business news in Ca ada Copyright (C) 2002 The Canadian Press (CP), All rights reserved