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

To: Lynn who wrote (96750)	4/2/2002 12:48:50 PM
From: Elwood P. Dowd	Read Replies (1) \| Respond to of 97611

H-P Asks Delaware Judge to Throw Out Hewlett's Proxy-Vote Suit By: Donna Fuscaldo Dow Jones Newswires NEW YORK -- Heweltt-Packard Co . (HWP) has asked a Delaware state court judge to dismiss dissident board member Walter Hewlett's lawsuit aimed at derailing the $19 billion merger of H-P and Compaq Computer An H-P spokeswoman said that while the Palo Alto , Calif. , computer maker " vigorously" denies Hewlett's claims, the motion filed Monday states that even if his allegations of proxy-voter manipulation were true, they still don't provide grounds to proceed with judicial intervention. H-P's motion asking the judge to throw out the case was first reported by CNet Networks Inc.'s (CNET) News.com. A spokesman for Mr. Hewlett said his camp "fully anticipated this motion and stands by our lawsuit." Last Thursday Mr. Hewlett filed a suit in Delaware state court alleging that H-P turned a tight proxy vote on the merger in its favor by persuading the Deutsche Asset Management unit of Deutsche Bank AG (Other OTC: DTBKY - news) (DB) to change its vote at the last minute under a threat that future business with H-P would otherwise be jeopardized. The suit also alleges H-P failed to disclose that its planned integration efforts weren't meeting cost-cutting or revenue exceptions. H-P called the charges false and without basis. H-P's motion comes on the heels of the company's announcement Monday that it will not renominate Mr. Hewlett to the board. Mr. Hewlett was the sole board member to oppose the merger of H-P and Compaq and led a protracted proxy battle that at times got personal and nasty. H-P has claimed early victory in its battle to win shareholder approval for its merger with Compaq, but Mr. Hewlett's camp insists the vote is too close to call. An official vote tally isn't expected for a few weeks. -By Donna Fuscaldo, Dow Jones Newswires; 201-938-5253; donna.fuscaldo@ dowjones.com