Hewlett-Packard yesterday announced that the official result
from its shareholder vote approves its $18 billion acquisition of
Compaq Computer. Holders of 51% of HP’s 1.65 billion shares voted
in favour of the deal, holders of 48% voted against it and 1%
abstained.
HP expects to close the deal on 3rd May 2002. The launch of the new
HP will take place on 7th May 2002.
Earlier this week, the deal’s most vocal opponent, Walter
Hewlett, lost a legal battle in which he accused HP’s CEO, Carly
Fiorina, of “buying” shareholder votes and of misleading investors
by exaggerating the benefits of the deal. After the court’s
decision, Hewlett said he would start to “do everything possible to
support the successful implementation of HP's acquisition of
Compaq.”
