Feeds

Packard family naysays Compaq merger

Deal looking rocky

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

This is getting serious: a leading member of the Packard family is "likely" to vote against the proposed Hewlett-Packard takeover of Compaq, adding another 1.3 per cent to the "No" camp.

Yesterday, the Hewlett family, holders of 5 per cent of HP, announced its intention to vote against the takeover.

David W. Packard, son of co-founder David Packard, and chair of the Packard Humanities Institute, expressed concerns about the direction of the company in an interview with Mercury News.

"Bill (HP co-founder William Hewlett) and Dave never developed a premeditated business strategy that treated HP employees as expendable," he said.

Packard Junior told the paper that he did not speak for the David and Lucile Packard Foundation, which holds 10.4 per cent of HP's stock. However, as the chair of this foundation is called Susan Packard Orr, and as Susan also sits on the board of the Packard Humanities Institute, the auguries look poor for the HP board.

The Hewlett and Packard families together control 17 per cent of the stock of HP. Without their support, it looks increasingly difficult for HP to pull off the Compaq takeover. The price of this failure will be the head of Princess Fiorina. And very vulnerable-looking Compaq. ®

Related Stories

SirCam merger gets personal: Valley aristos send Compaq paqing
HP/Compaq merger: You the Jury
HPaQ must die - major investor
Compaq name to go, will trade as HP
HP-Compaq merger - readers speak their minds
Princess Fiorina kisses the Ugly Frog
Princess Fiorina addresses subjects

Top 5 reasons to deploy VMware with Tegile

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.