A Delaware judge has refused to overturn the shareholder vote on Hewlett-Packard’s acquisition of Compaq. The decision clears the way for the completion of the $18.4 billion merger.
Dissident shareholder and HP board member Walter Hewlett, who claimed that March’s vote was tainted by misrepresentations by Hewlett-Packard and by threats or promises it made to a big institutional investor, Deutsche Bank, brought the case.
Judge William Chandler said Hewlett’s evidence failed to prove that HP disseminated materially false information about its integration efforts or about the financial data provided to its shareholders.
Hewlett says he is disappointed with the Court’s decision, but insisted his involvement with the company is not at an end.
I will continue to monitor the company’s performance to ensure that it acts in the best interest of all stockholders, he says.