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ISS endorsed a HP Compaq merger after the market closed. They advise about 23% (by shares) of HP's stockholders. But ISS noted that Walter Hewlett's objections were valid.
Just got another call from Fiorina's people again asking for my proxy vote. One HP stockholder with a paltry 2.1 million shares is amused how much attention he is getting for his less than a tenth of one percent of the company. Yesterday's WSJ had a full page ad from Walter Hewlett detailing his objections and reminding HP employees that management cannot know how they voted. The Hewlett and Packard families with about 18% shares opposes this deal.
It is a $25billion merger. Both sides are estimated to have spent over $10million recruiting proxy votes. It is clear that, once friends, whoever loses will now have to leave the company. That even included Conduit of Boeing who is also on the Board. Even HP's old CEO, the person who personally selected Fiorina, objects to her empire deal. The merger of Compaq into HP only enriched Compaq stockholder as Warren Buffett repeatedly noted - and all top managers of both companies. Everyone here, every future computer shopper, becomes a loser if this deal happens.
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