http://news.com.com/2100-1001-895968.html?legacy=cnet&tag=lthd
Walter Hewlett on Tuesday abandoned his challenge to Hewlett-Packard's merger with Compaq Computer, saying he would not further challenge the outcome of a March 19 shareholder vote.
The decision came hours after a Delaware judge dismissed his lawsuit that sought to overturn the vote. Hewlett had also been pursuing a challenge and recount of the vote.
"After reviewing the Court's opinion, we have decided not to appeal the decision to the Supreme Court of Delaware," Hewlett said in a statement. "Additionally, we have decided to discontinue the review and challenge period of the preliminary vote count and permit the vote to be certified."
Hewlett's decision effectively removes the last hurdle to closing the $19 billion merger with Compaq. HP Chief Executive Carly Fiorina has said the company aims to close the deal May 7.
Hewlett said that although he disagreed with the merits of acquiring Compaq, that he will 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."
Walter Hewlett on Tuesday abandoned his challenge to Hewlett-Packard's merger with Compaq Computer, saying he would not further challenge the outcome of a March 19 shareholder vote.
The decision came hours after a Delaware judge dismissed his lawsuit that sought to overturn the vote. Hewlett had also been pursuing a challenge and recount of the vote.
"After reviewing the Court's opinion, we have decided not to appeal the decision to the Supreme Court of Delaware," Hewlett said in a statement. "Additionally, we have decided to discontinue the review and challenge period of the preliminary vote count and permit the vote to be certified."
Hewlett's decision effectively removes the last hurdle to closing the $19 billion merger with Compaq. HP Chief Executive Carly Fiorina has said the company aims to close the deal May 7.
Hewlett said that although he disagreed with the merits of acquiring Compaq, that he will 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."
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