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Technology Stocks : HWP -- Hewlett Packard -- Ignore unavailable to you. Want to Upgrade?

To: Dave B who wrote (4631)	4/30/2002 6:09:10 PM
From: Dave B	Read Replies (1) \| Respond to of 4722

Judge rules HP-Compaq merger can proceed over shareholder objections SAN JOSE, Calif., Apr 30, 2002 (The Canadian Press via COMTEX) -- A Delaware judge has cleared Hewlett-Packard Co. of allegations it acted improperly in the vicious proxy fight over the Compaq Computer Corp. acquisition, likely paving the way for the completion of the high-tech industry's biggest merger. After a three-day trial last week in Wilmington, Del., Chancery Court Judge William Chandler ruled Tuesday that former HP director Walter Hewlett failed to support his charges that the company had bullied a big investor into supporting the Compaq deal and lied to investors about the progress of the merger plans. Hewlett can challenge the ruling in the Delaware Supreme Court. The HP heir said in a statement he planned to review the ruling closely before deciding on his next step. Palo Alto-based HP and Houston-based Compaq have said they plan to begin working together May 7. Chandler's ruling concluded another chapter in Walter Hewlett's fight to stop the takeover by the company co-founded in 1939 by his father, William Hewlett. After HP narrowly won its shareholder vote on the Compaq acquisition, Hewlett tried to block the deal by suing the company. He sued in Delaware because HP is incorporated there. The litigation so angered HP management and its other directors that Hewlett was not renominated for another term on the board, leaving the Silicon Valley institution without a Hewlett or Packard for the first time. A preliminary tally released two weeks ago found that HP won the shareholder vote 51.4 per cent to 48.6 per cent. That amounted to a margin of 45 million shares, which is not yet official. The online source for news sports entertainment finance and business news in Canada Copyright (C) 2002 The Canadian Press (CP), All rights reserved