Tim writes:

>
http://news.moneycentral.msn.com/ticker/article.asp?Symbol=US:HWP&Feed=RTR&Dat

e=20020220&ID=1437419

At this point, I would bet at least two half-eaten donuts that the vote won't
pass. My reasons are nothing more than numbers. So far both the Packard and
Hewlett Foundations have come out against the merger, representing 18.5% of
the outstanding shares. In contrast, only large one institutional investor
has publicly announced its support for the merger, representing 1% of the
shares.

It's my understanding that HP has to obtain more than 60% of the vote for the
merger to win approval. That means that only 40% have to oppose it, with
18.5% already making their opposition well know, a percentage already halfway
to guaranteed non-passage.

If HP's polls are correct and if those numbers could be extended to the
general population of shareholders, presuming a 65% approval rate of the
merger, they're going to fail, obtaining only 53.3% shareholder approval.

If David W. Packard's polls are correct and are similarly extended to the
general population, with a 63% disapproval rate, the merger is going to fail
miserably, obtaining only 29.7% shareholder approval.

In either case, HP has a rather steep numerical mountain to climb.

Wirt Atmar

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