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08/04/2002
HP seek dismissal of lawsuit impeding Compaq merger
Hewlett-Packard have filed for the dismissal of a case that could prevent the company from buying arch-rival Compaq.
The lawsuit filed by Walter Hewlett, the son of one of Hewlett-Packard's founders, claims that the company have misled shareholders and has sought to influence the vote by coercing a major investor in the potential merger deal.
The Delaware court is expected to issue a ruling within the next few days, and if it finds in favour of the Walter Hewlett petition the case could proceed to trial before the end of April.
Hewlett-Packard has already declared that Walter Hewlett, who has been vociferously opposed to the merger, will not be part of any future board of Hewlett-Packard's company directors.
Hewlett-Packard anticipate that the merged company would be capable of taking on the computing sectors bigger companies such as IBM.
However, Walter Hewlett counters that the merger will weaken Hewlett-Packard's strong hold on the personal computing printing business, and take the company into the computer industry sector which in a 'downcycle'.
The results of the recent shareholder vote will be made know in the next few weeks.
Industry analysts say Walter Hewlett's lawsuit is a defensive move provoked by lack of shareholder backing for his anti-merger stance.
(SP)
The lawsuit filed by Walter Hewlett, the son of one of Hewlett-Packard's founders, claims that the company have misled shareholders and has sought to influence the vote by coercing a major investor in the potential merger deal.
The Delaware court is expected to issue a ruling within the next few days, and if it finds in favour of the Walter Hewlett petition the case could proceed to trial before the end of April.
Hewlett-Packard has already declared that Walter Hewlett, who has been vociferously opposed to the merger, will not be part of any future board of Hewlett-Packard's company directors.
Hewlett-Packard anticipate that the merged company would be capable of taking on the computing sectors bigger companies such as IBM.
However, Walter Hewlett counters that the merger will weaken Hewlett-Packard's strong hold on the personal computing printing business, and take the company into the computer industry sector which in a 'downcycle'.
The results of the recent shareholder vote will be made know in the next few weeks.
Industry analysts say Walter Hewlett's lawsuit is a defensive move provoked by lack of shareholder backing for his anti-merger stance.
(SP)
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