HP, Compaq Set Dates for Shareholder Vote

Hewlett-Packard Co. and Compaq Computer Corp. will ask shareholders to approve their proposed $23-billion merger on consecutive days next month.

Dates were set in a final merger prospectus filed with the Securities and Exchange Commission. The move indicates the companies are reasonably confident U.S. regulators will clear the deal.

There has been substantial opposition to the deal, notably by Hewlett and Packard family interests with 18% of HP stock. The deal’s chief critic, HP board member Walter Hewlett, began mailing out proxy materials to solicit votes against the deal.

At HP’s meeting March 19 in Cupertino, Calif., the deal will require the approval of a majority of all votes cast. Yes votes from a majority of all Compaq holders would be needed for the deal to be sealed March 20 in Houston. Only people who held HP and Compaq shares as of Jan. 28 can vote.

HP lost 54 cents to $20.85 on the New York Stock Exchange, where Compaq fell 7 cents to $11.93.