HP/COMPAQ: Hewlett holds onto hope on HP/Compaq deal

Dissenting HP board member Walter Hewlett has told reporters that he remains confident of victory despite claims by Hewlett-Packard Co. Chairwoman and CEO Carly Fiorina that her side won the shareholder vote on the proposed HP/Compaq Computer Corp. merger.

After delivering a prepared statement in which he repeated his often-stated reasons for opposing the merger, Hewlett said that the vote is too close to call for Fiorina to make victory claims and said he believes the eventual outcome will actually sink the merger.

"We are optimistic about the certified outcome," Hewlett said. But in response to several questions, he acknowledged that the vote is still too close to call. "The result isn't known and the margin is razor-thin," he said.

Asked why he thought Fiorina is claiming victory, Hewlett replied: "I cannot get inside the head of other people, so I cannot say why the company is saying what they are saying."

If the merger does succeed, Hewlett said he would not rule out the possibility of seeking a recount of the ballots. He said that would be determined later.

He also said he did not regret the sale of millions of shares of company stock by the Hewlett Foundation prior to the vote, even though those shares could have carried the winning margin now. He said the foundation has a stock committee on which he does not serve, and he stands by its decision and the job it has done.

Whatever the outcome, Hewlett said he would like to remain active in HP affairs and would like to remain a member of the company's board of directors. Hewlett would have to be nominated and re-elected to the board in order to serve another term.

He also said that he would not divest his shares or ask that the foundation sell any of its shares.

"We are long-time investors and we are certainly not going to react to any short-term swings in the market or short-term speculation about the results," Hewlett said.

Despite the often raucous tenor of the campaign over the merger deal, Hewlett said he does not harbor any ill will toward Fiorina and other company officials and said that his opposition to the merger was never about Fiorina's leadership. The campaign, he said, was about "shareholder value" -- a phrase he repeated over and over again during the news conference.

"I never took anything in this campaign personally, the only thing I have taken personally is the drop in the stock price," Hewlett said.

In the end, Hewlett said he looks forward to getting back to work as "an academic and a musician," a joking reference to a remark Fiorina aimed at him early in the campaign. The comment drew laughs from the reporters at the event.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Brian Sullivan

Computerworld
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?