PALO ALTO, Calif.—In an effort to debunk criticism of the move and rally stakeholders, Hewlett-Packard Co. and Compaq Computer Corp. released a detailed, 50-page document outlining the benefits of the proposed merger between the two companies.
The companies’ release comes about a week after Walter Hewlett, a board member of Hewlett-Packard Co., filed a letter with the Securities and Exchange Commission warning of “enormous unhappiness” over the proposed merger.
HP and Compaq said Hewlett’s concerns are “based on a static and narrow view of HP and the industry, selectively ignore synergies, offer no alternatives and rely on faulty financial assumptions and analyses.”
HP said the merger would address customer demands and create a stronger and more financially compelling company.
