Compaq Shareholders Okay HP Deal By 9-To-1Margin

Compaq Computer Hewlett-Packard

With "68 percent of the vote turned in ... we won by a 9-to-1 margin, slightly above 9-to-1," said Compaq Chairman and CEO Michael Capellas in a news conference following the vote.

Capellas' remarks came following a comparatively smooth day for Compaq, in which executives said they largely knew the results of the vote before it happened based on conversations with large shareholders.

A day earlier, HP executives essentially declared victory in their hard-fought proxy battle against dissident director Walter Hewlett, who has opposed the merger. However, it is expected the HP shareholder vote count, which is being tallied by an independent consultant, will take four to six weeks.

Capellas said Compaq spent about $50 million, in total, on merger-related costs through the vote.

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