HP Says Shareholders Approved Merger By 45 Million Votes

Hewlett-Packard Compaq Computer

Votes "for" the merger totaled approximately 837.9 million. Votes "against" the merger totaled approximately 792.6 million, of which almost half were affiliated with the Hewlett and Packard families and foundations, HP said. An insignificant number of votes cast remain unresolved, HP said.

The margin of victory appears to be significant in light of the lawsuit filed by dissident director Walter Hewlett. Hewlett is questioning 17 million votes cast by Deutsche Bank, alleging that HP management coerced Deutsche Bank into switching votes previously cast against the merger. A trial in the Hewlett case is scheduled to begin April 23 in Wilmington, Del.

"We are gratified the preliminary vote tally validates that HP shareowners voted the majority of their shares in support of the merger," said Carly Fiorina, HP chairman and CEO, in a statement. "We are eager to put this difficult period behind us and look forward to doing business as the new HP."

A spokesman for Hewlett said in a statement, "These are preliminary results and both sides will have the opportunity to examine and challenge the proxy tabulation prior to final certification."