PALO ALTO, CA: All but one of Hewlett-Packard's board of directors
cosigned a statement in support of the company's proposed merger with
The one dissenting voice was Walter Hewlett, whose public statement
opposing the merger on behalf of the family and the William and Flora
Hewlett Foundation, put him at odds with the rest of the board and CEO
"With the founding members siding against the merger, the odds of
Fiorina's ability to survive are extremely low," said Ashok Kumar, a US
Bancorp Piper Jaffray analyst in a San Jose Mercury News interview.
David Packard, son of the late Dave Packard, joined Hewlett in opposing
the deal. Now analysts are waiting to see if the David and Lucile
Packard Foundation will join the dissenters. That foundation owns 10.4%
of HP's stock, Walter Hewlett and his foundation hold 6.2%, and David
Packard's own foundation has a 1.3% stake.
Walter Hewlett has retained Joele Frank, Wilkinson Brimmer Katcher for
IR advice. Citigate Sard Verbinnen is working with HP.