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HP-Compaq Merger to Proceed
With confirmation by an independent election inspection firm, and the dismissal of Walter B. Hewlett's lawsuit, the HP-Compaq merger is slated to begin ASAP.
Independent Inspectors of Election, representatives of IVS Associates, Inc., issued their final Inspectors of Election report with respect to the special meeting of shareowners held on March 19, 2002.
According to the report, there were 838,401,376 shares of HP common stock voted for the proposal to approve the issuance of shares of HP common stock in connection with the merger transaction with Compaq Computer Corporation (CPQ), 793,094,105 shares voted against the proposal and 13,950,651 shares abstained.
On Tuesday evening, Hewlett's suit was tossed out by a Dellaware judge, and Hewlett declined to appeal.
The deal is slated to close on Friday and the companies expect to be operating as a combined entity by Monday.
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