Filed by Hewlett-Packard Company Pursuant to Rule 425
Under the Securities Act of 1933
And Deemed Filed Pursuant to Rule 14a-6
Under the Securities Exchange Act of 1934
Subject Company: Compaq Computer Corporation
Commission File No.: 333-73454
This filing relates to a planned merger (the "Merger") between Hewlett-Packard
Company ("HP") and Compaq Computer Corporation ("Compaq") pursuant to the terms
of an Agreement and Plan of Reorganization, dated as of September 4, 2001 (the
"Merger Agreement"), by and among HP, Heloise Merger Corporation and Compaq. The
Merger Agreement is on file with the Securities and Exchange Commission as an
exhibit to the Current Report on Form 8-K, as amended, filed by Hewlett-Packard
Company on September 4, 2001, and is incorporated by reference into this filing.
On March 17, 2002, HP issued the following press release.
[LETTERHEAD OF HEWLETT-PACKARD COMPANY]
[HP INVENT LOGO]
Editorial Contacts:
Judy Radlinsky, HP
+1 650 857 5034
judy_radlinsky@hp.com
Rebeca Robboy, HP
+1 650 857 2064
rebeca_robboy@hp.com
SUPPORT FOR HP-COMPAQ MERGER TWICE AS
HIGH AMONG NON-FAMILY INSTITUTIONS THAT
HAVE ANNOUNCED THEIR INTENT
SUPPORT FOR MERGER GAINS MOMENTUM IN
ADVANCE OF MARCH 19 SPECIAL MEETING
PALO ALTO, Calif.--(BUSINESS WIRE)-- March 17, 2002 -- Hewlett-Packard Company
(NYSE:HWP - news) today issued the following update with respect to its merger
with Compaq Computer Corporation. More information on the merger is available at
www.VotetheHPWay.com.
The number of shares owned by institutions that have publicly indicated their
support for the merger is about double that of those that have indicated they
are opposed, excluding shares owned by the Hewlett and Packard families and the
foundations associated with them. In the last several weeks, more than 20
institutional shareowners, many of them pension funds, have issued press
releases or disclosed to members of the media how they are voting their
shares.(1)
HP is pleased that the institutions that have announced they will vote for the
merger in recent days recognize the importance of the merger for HP. Last week,
HP stated its belief that most of the top 20 HP institutional investors are in
support of the merger. Many large institutional shareowners have policies
against publicly indicating how they will vote.
Institutions that have disclosed their plans to vote their shares in support of
the merger include: Alliance Capital, Banc One Investment Advisors, Barclay's
Global, Collins & Co., Domini Social Investments, Federated Investors, Fremont
Investment, General Motors Investment Management, Intel Corp., ITUG, Interex, L.
Roy Papp Associates and Putnam Investment.
In addition, in the last 48 hours, four big retirement funds -- Florida State
Board of Administration, Pennsylvania Public School Employees Retirement System,
State Teachers Retirement System of Ohio and the Wisconsin Investment Board --
have stated their intent to vote in favor of the merger.
HP acknowledges that the investors that have publicly announced represent only a
portion of the total shares voting and that HP cannot predict the outcome of the
vote until all votes are in. Accordingly, HP encourages shareowners to continue
returning their proxies in advance of the March 19 special meeting.
About HP
Hewlett-Packard Company -- a leading global provider of computing and imaging
solutions and services -- is focused on making technology and its benefits
accessible to all. HP had total revenue of $45.2 billion in its 2001 fiscal
year. Information about HP and its products can be found on the World Wide Web
at http://www.hp.com.
(1) Sources for shareowner names having announced and percentages of shares
being voted: The Wall Street Journal, Bloomberg News, CNET News.com and CBS
MarketWatch.
This document contains forward-looking statements that involve risks,
uncertainties and assumptions. If any of these risks or uncertainties
materializes or any of these assumptions proves incorrect, the results of HP and
its consolidated subsidiaries could differ materially from those expressed or
implied by such forward-looking statements.
All statements other than statements of historical fact are statements that
could be deemed forward-looking statements, including any projections of
earnings, revenues, synergies, accretion or other financial items; any
statements of the plans, strategies, and objectives of management for future
operations, including the execution of integration and restructuring plans and
the anticipated timing of filings, approvals and closings relating to the Merger
or other planned acquisitions; any statements concerning proposed new products,
services, developments or industry rankings; any statements regarding future
economic conditions or performance; any statements of belief and any statements
of assumptions underlying any of the foregoing.
The risks, uncertainties and assumptions referred to above include the ability
of HP to retain and motivate key employees; the timely development, production
and acceptance of products and services and their feature sets; the challenge of
managing asset levels, including inventory; the flow of products into
third-party distribution channels; the difficulty of keeping expense growth at
modest levels while increasing revenues; the challenges of integration and
restructuring associated with the Merger or other planned acquisitions and the
challenges of achieving anticipated synergies; the possibility that the Merger
or other planned acquisitions may not close or that HP, Compaq or other parties
to planned acquisitions may be required to modify some aspects of the
acquisition transactions in order to obtain regulatory approvals; the assumption
of maintaining revenues on a combined company basis following the close of the
Merger or other planned acquisitions; and other risks that are described from
time to time in HP's Securities and Exchange Commission reports, including but
not limited to HP's annual report on Form 10-K, as amended on January 30, 2002,
for the fiscal year ended October 31, 2001 and HP's registration statement on
Form S-4 filed on February 5, 2002.
HP assumes no obligation and does not intend to update these forward-looking
statements.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
On February 5, 2002, HP filed a registration statement with the SEC containing a
definitive joint proxy statement/prospectus regarding the Merger. Investors and
security holders of HP and Compaq are urged to read the definitive joint proxy
statement/prospectus filed with the SEC on February 5, 2002 and any other
relevant materials filed by HP or Compaq with the SEC because they contain, or
will contain, important information about HP, Compaq and the Merger. The
definitive joint proxy statement/prospectus and other relevant materials (when
they become available), and any other documents filed by HP or Compaq with the
SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In
addition, investors and security holders may obtain free copies of the documents
filed with the SEC by HP by contacting HP Investor Relations, 3000 Hanover
Street, Palo Alto, California 94304, 650-857-1501. Investors and security
holders may obtain free copies of the documents filed with the SEC by Compaq by
contacting Compaq Investor Relations, P.O. Box 692000, Houston, Texas
77269-2000, 800-433-2391. Investors and security holders are urged to read the
definitive joint proxy statement/prospectus and the other relevant materials
(when they become available) before making any voting or investment decision
with respect to the Merger.