Hewlett-Packard Heir Abandons Opposition To Compaq Merger

Jan. 13, 2005
By Agence France-Presse Walter Hewlett, heir to one of the founders of Hewlett-Packard Co., said late on April 30 he would no longer oppose the computer giant's merger with rival Compaq Computer Corp. after a Delaware judge dismissed a lawsuit seeking ...
By Agence France-Presse Walter Hewlett, heir to one of the founders of Hewlett-Packard Co., said late on April 30 he would no longer oppose the computer giant's merger with rival Compaq Computer Corp. after a Delaware judge dismissed a lawsuit seeking to block it. Earlier, Delaware Chancery Court Judge William Chandler dismissed Hewlett's lawsuit. Hewlett had argued the March 19 shareholders vote was tainted by misrepresentations by HP management and threats or promises made to a big institutional investor, Deutsche Bank. "After reviewing the Court's opinion, we have decided not to appeal the decision to the Supreme Court of Delaware," Hewlett said in a statement. "I will therefore now do everything possible to support the successful implementation of HP's acquisition of Compaq and encourage others who have shared my views in the past several months to do the same," he added. Hewlett's decision clears a major obstacle to the merger, which was approved by company shareholders by a narrow margin of 51.4% to 48.6%, based on a preliminary count. The evidence presented at last week's trial "failed to prove that HP disseminated materially false information about its integration efforts or about the financial data provided to its shareholders," Chandler wrote in a 43-page decision. The judge accepted the company's interpretation of the facts of the case and gave no credence to any of the allegations made by Walter Hewlett, making a potential appeal more difficult. Copyright Agence France-Presse, 2002

Popular Sponsored Recommendations

Ecommerce Guide: How to Manage Order Volume Spikes

Oct. 2, 2023
Master the art of delivering a seamless ecommerce shopping experience! Learn how to streamline your operations to successfully manage seasonal sales order spikes.

Navigate Complex Cybersecurity Requirements With Purpose-Built Technology Solutions

Dec. 6, 2023
The CMMC represents a critical mandate from the U.S. DOD. Aerospace & Defense manufacturers that handle controlled unclassified information (CUI) must comply with CMMC requirements...

The Executive Guide to Best Practices for Ecommerce Integration

Oct. 2, 2023
Get ready to elevate your post-checkout experiences and thrive in today's unpredictable market. Learn why integration and automation are crucial to run operations more smoothly...

Risk-Based Asset Management (RBAM): Accounting for Risk in Your Asset Management Strategy

Sept. 14, 2023
What if you could get more out of assets, reduce the risk of critical failures AND keep all your stakeholders happy? It’s called risk-based asset management, or RBAM, and it’ll...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!