Walter Hewlett Appeals to HP Shareholders

Dissident Hewlett-Packard Co. director Walter Hewlett ramped up his campaign against the $24-billion acquisition of Compaq Computer Corp., sending letters to more than 750,000 stockholders and asking them to veto the deal.

Hewlett, who plans a proxy fight with HP management over the Compaq deal, said he does not want HP merely to maintain the status quo, but rather to “change and grow organically, with targeted tactical acquisitions.”

Palo Alto-based HP fell 66 cents to $22.42 and Houston-based Compaq, which announced fourth-quarter results, slid 30 cents to $11.10, both on the NYSE.