[Am-info] HP Says Buyout Approved By Slim Margin

[Fred A. Miller]

HP Says Buyout Approved By Slim Margin

Hewlett-Packard says a preliminary vote tally shows that
shareholders narrowly approved its acquisition of Compaq. In a
note to employees Wednesday, CEO Carly Fiorina said she expects
to close the merger and launch the new company in early May.

The preliminary count shows that HP shareholders voted in favor
by a margin of 45 million shares, or less than 3% of the total
votes cast March 19. HP says that 837.9 million shares were voted
in favor, 792.6 million against. Nearly half the "no" votes were
affiliated with the Hewlett and Packard families and foundations.
Some votes still remain uncounted for, but HP called their effect
"insignificant."

Dissident heir Walter Hewlett, who waged a bitter opposition,
could demand a recount, which HP believes would begin promptly
and last about a week. Hewlett accuses HP in a lawsuit of
misleading shareholders about the deal and of improperly
soliciting votes from large institutional shareholders such as
Deutsche Bank. The trial is expected to begin April 23.
- Christopher T. Heun

More about the merger:
SEC Probes HP Merger Vote
http://update.informationweek.com/cgi-bin4/flo?y=eGpb0Bce7K0V20BbMi0Ak

-- 
Fred A. Miller
Systems Administrator
Cornell Univ. Press Services
fm@cupserv.org, www.cupserv.org
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