Walter Hewlett said late Tuesday he will not appeal to the Supreme Court of Delaware regarding a court ruling handed down earlier Tuesday, which rejected a lawsuit he led to throw out Hewlett-Packard's shareholder for its proposed acquisition of Compaq Computer.
The former HP board member, speaking on behalf of the William R. Hewlett Revocable Trust and its trustees, said they had come to their decision after reviewing the opinion issued earlier in the day by Judge William Chandler III of the Delaware Chancery Court in Wilmington. Hewlett said he and the trustees have also decided to allow the HP shareholder vote to be certified.
"I have disagreed with the Board over the merits of acquiring Compaq, however I have always been dedicated to enhancing value for HP's stockholders," Hewlett said in a statement. "I will therefore now do everything possible to support the successful implementation of HP's acquisition of Compaq and encourage others who have shared my views in the past several months to do the same."
With the earlier ruling and Hewlett's decision behind it, the last major hurdle to HP's acquisition of Compaq has now been cleared.
However, despite deciding not to appeal the Delaware decision and his ousting from the HP board last week, Hewlett said he won't be taking a back seat to the company's future activities.
"My involvement with HP will not end today. As Chairman of The William and Flora Hewlett Foundation and as a trustee of The William R. Hewlett Revocable Trust, I represent two major stockholders and I will continue to monitor the company's performance to ensure that it acts in the best interests of all stockholders," he said.