Editions   North America | Europe | Magazine


HP Believes Shareowners Have Approved Merger with Compaq

Press release from the issuing company

PALO ALTO, Calif.--March 19, 2002--The board of directors of Hewlett-Packard says that based on a preliminary estimate of shareowner proxies by its proxy solicitor, it believes it has received sufficient votes to approve HP's merger with Compaq Computer. The company acknowledged, however, that this is not an official vote. Official certification of the voting results by the independent inspectors of election, IVS Associates, is expected in the next few weeks, at which time the certified results will be announced promptly. "We are gratified that HP shareowners recognize the compelling strategic and economic benefits of the merger and that a decisive majority of shares not affiliated with the Hewlett and Packard families and foundations appear to have been voted in favor of this transaction,'' said Carly Fiorina, HP chairman and chief executive officer. "This board remains committed to building sustainable shareowner value. We believe that with this endorsement from our shareowners, HP has an historic opportunity to lead in a rapidly evolving industry and build upon our proud history of innovation and invention. "We are thankful for the support we've received from our shareowners, employees and customers during this difficult proxy fight. The intense debate throughout this contest has raised important issues and prepared us even more fully for the integration and marketplace challenges that lie ahead. It's now time for all of us -- those who supported the merger and those who opposed it -- to pull together for the benefit of the company. "We look forward to Compaq's shareowner vote tomorrow and the official certification, and we expect to complete the merger soon after the vote is certified -- allowing us to quickly begin execution of the comprehensive integration plans we have been preparing for many months. Today's vote is the beginning of the process of building an even greater HP. We have much work to do, but we are energized and confident as we move to capitalize on the potential of this combination.''