Jupiter Media Forum: Guess what, you're a niche player

Hewlett-Packard claimed an early victory Tuesday in its acquisition bid for Compaq Computer, saying preliminary results indicate shareholders have approved the deal. One of the lead opponents of the deal quickly refuted HP's claim, saying the vote is still too close to call.

The difference in the preliminary vote is less than 1 percent, a spokesman for the lead opponent said Tuesday afternoon.

"Based on preliminary estimates, we believe we have received sufficient votes to approve HP's merger," said Carly Fiorina, chief executive officer and chairman at HP, during a question and answer session with the press at the special shareholder meeting here. "We of course acknowledge this is not a final vote."

"A decisive majority of shares not affiliated with HP family and foundations voted in favor," she said.

HP tallied early proxy votes prior to the Tuesday shareholder meeting, Fiorina said, adding that the company expects only a small percentage of votes to trickle in from the day's voting here.

Before HP claimed victory, lead objector to the deal Walter Hewlett, an HP board member and son of one of HP's founders, had issued a statement saying he remained optimistic about the vote. Hewlett then countered HP's claim, saying in an afternoon press conference that the difference in votes was "razor thin" and that the official outcome was unclear.

"We stand by the statement that the results are too close to call," Hewlett said. "It is simply impossible to determine the outcome at this time."

After a bitter six-month struggle against HP, Hewlett said he would be pleased to return to his life as a "musician and academic." His remarks comically referred to HP's early characterization of him, as a scholar not trained to make major strategic decisions.

Official word on the vote is still not expected for "a few weeks," HP said in a statement issued Tuesday afternoon. The decision will be revealed by independent vote counting firm IVS Associates Inc.

Although Hewlett may not emerge as the victor in this battle, he said his relentless campaigning was a worthwhile endeavor.

"It was definitely a cause that needed to be taken up," Hewlett said during the press conference. "Regardless of the final result, today is clearly a victory for HP shareholders and all shareholders. Together we have demonstrated that accountability to stockholders is not a platitude."

Hewlett hopes to remain on the company's board if the deal goes through, saying he can still contribute good advice to the company.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?