HP closes $19B Compaq acquisition

PALO ALTO, CALIFORNIA - After one of the harshest and closest proxy fights in American business history, Hewlett-Packard Co. officially closed its $19 billion acquisition of Compaq Computer Corp. on Friday. <br> <br> On Monday, Compaq investors will receive 0.6325 shares of Hewlett-Packard for every Compaq share they own, and Compaq stock will cease being traded. <br> <br> Palo Alto-based HP will change its ticker symbol from HWP to HPQ to reflect the presence of Compaq, which was founded in a Houston pie shop in 1982. The companies will begin business together Tuesday.<br> <br> HP announced its plans to buy Compaq on Sept. 3 in a deal then worth $25 billion. The company overcame fierce opposition from the families of its late founders and won a shareholder vote on the Compaq deal 51.4 percent to 48.6 percent. <br> <br> In their final day on the New York Stock Exchange, Compaq shares rose 24 cents, more than 2 percent, to $11. HP gained 35 cents, or 2 percent, to $17.44.

http://accesswdun.com/article/2002/5/195101