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Hewlett's Suit Will Proceed, Judge Rules

April 09, 2002|Bloomberg News

A judge ruled that Hewlett-Packard Co. must face trial on a dissident director's claims of vote- buying in the fight over the company's $19-billion bid for Compaq Computer Corp. Delaware Chancery Court Judge William Chandler III said Walter Hewlett's lawsuit meets the standards for suits over proxy contests.

Hewlett's suit, filed March 28, claims the company gave shareholder Deutsche Bank new business for changing its vote to favor the Compaq acquisition. The trial is set for April 23.

Also, Compaq said it sees first-quarter revenue of $7.7 billion and said it expects to meet or beat analyst consensus estimates of 1 cent a share for first-quarter earnings, according to Thomson Financial/First Call.

Compaq's announcement sent its shares up 55 cents to $10.14 in after-hours trading on the New York Stock Exchange. HP shares rose 28 cents to $17.40 in extended trading, also on the NYSE.

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