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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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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
