Walter Hewlett Accepts Judge’s Decision, Clears Way for Compaq Merger

Reprinted from a William R. Hewlett Revocable Trust press release:

PALO ALTO, Calif., April 30 /PRNewswire/ — Walter B. Hewlett, on behalf of The William R. Hewlett Revocable Trust and its trustees, issued the following statement in response to today’s ruling by the Delaware Chancery Court regarding Hewlett-Packard Company’s acquisition of Compaq Computer Corporation :

As I stated when this suit was filed, our goal was to make sure that the outcome of the HP stockholder vote on March 19th was determined in a full, fair and lawful manner. After reviewing the Court’s opinion, we have decided not to appeal the decision to the Supreme Court of Delaware. Additionally, we have decided to discontinue the review and challenge period of the preliminary vote count and permit the vote to be certified.

I have disagreed with the Board over the merits of acquiring Compaq, however I have always been dedicated to enhancing value for HP’s stockholders. I will therefore now do everything possible to support the successful implementation of HP’s acquisition of Compaq and encourage others who have shared my views in the past several months to do the same.

I would like to thank all Hewlett-Packard employees, retirees, stockholders and the others who have played a role in the proxy contest over the past several months.

My involvement with HP will not end today. As Chairman of The William and Flora Hewlett Foundation and as a trustee of The William R. Hewlett Revocable Trust, I represent two major stockholders and I will continue to monitor the company’s performance to ensure that it acts in the best interests of all stockholders.

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