By Aled Herbert, 28 January 2002 07:45
NEWS Walter Hewlett has stepped up his crusade to topple the jittery juggernaut that is the Compaq-Hewlett-Packard merger by launching an anti-merger website. The site, votenotohpcompaq.com, will give a painstaking account of the founder's son's efforts to halt the $24bn merger. The site will feature Securities and Exchange Commission filings and financial analysis of the deal. HP itself is said to be planning a pro-merger website that will be separate from hp.com, claim US wires. On 17 January, HP directors called for Hewlett's resignation from the board in light of his continued objections to the merger. Meanwhile, the two companies have been at pains to insist the deal is still by insisting shareholders are swinging behind the $24bn merger. The near 20-per cent spread between Compaq's current share price and its implied value suggest most investors approve the deal, claims the FT. However, Carly and Michael's party could be derailed later this week when the European competition commissioner decides whether to approve the deal or demand a four-month review. Industry watchers claim the two companies are likely to call for a shareholder vote on the deal in early March should EU approval be granted. A delay is likely to further hamper the momentum of the deal, shake investor confidence and possibly give Walter Hewlett time to add Flash elements to his website.
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