Hewlett Foundation makes "no" vote final

The William and Flora Hewlett Foundation said Thursday that it had made a final decision to vote its shares against the merger of Hewlett-Packard and Compaq Computer. The foundation was one of the first to oppose the deal, announcing its preliminary intent to vote no back in November, when Walter Hewlett announced his opposition. The foundation said its HP and Agilent stock committee made the decision without consulting Walter Hewlett or any other Hewlett family member. The foundation said that it believes HP would be "substantially overpaying" for Compaq as well as increasing risk to stockholders.

March 14, 2002 8:45 a.m. PT

merger

The William and Flora Hewlett Foundation said Thursday that it had made a final decision to vote its shares against the of Hewlett-Packard and Compaq Computer. The foundation was one of the first to oppose the deal, announcing its preliminary intent to vote no back in November, when Walter Hewlett announced his opposition.

The foundation said its HP and Agilent stock committee made the decision without consulting Walter Hewlett or any other Hewlett family member. The foundation said that it believes HP would be "substantially overpaying" for Compaq as well as increasing risk to stockholders.