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Preliminary Estimate: Shareholders Approve HP-Compaq Merger

Hewlett-Packard Co. chairman and CEO Carly Fiorina announced Tuesday that a preliminary examination of shareholder votes shows that HP shareholders approved the company's merger with Compaq Computer Corp.

Official certification of the voting results by IVS Associates could still take several weeks. Compaq shareholders vote on Wednesday.

"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," Fiorina said in a statement.

Fiorina, who staked her career at HP on the merger with Compaq, immediately put a positive spin on the nasty proxy fight of the last few months.

"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," Fiorina said.

About the Author

Scott Bekker is editor in chief of Redmond Channel Partner magazine.

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