Both Hewlett-Packard and the Compaq Computer Corporation believe that a majority of shareholders voted in favour of the proposed merger of the two companies yesterday.
Earlier today Compaq said in a statement that, although the vote had not been officially counted, it believed the merger would go ahead.
"Over the past several months there has been a groundswell of support from customers, partners and shareholders who are favorable toward the merger as they examine its strategic rationale," said Compaq chairman and chief executive officer Mr Michael Capellas.
"We continue to believe that this merger will rapidly accelerate our strategy, improve overall earnings power and provide increased value for customers, shareholders and employees. With the HP vote now behind us and the Compaq shareholder vote Wednesday, we are very close to making this merger a reality."
Following the crucial vote last night, HP announced that based on a preliminary estimate of shareowner proxies by its proxy solicitor, it believed it had received sufficient votes to approve the merger.
Official certification of the voting results by the independent inspectors of election, IVS Associates, is expected in the next few weeks, at which time the certified results will be announced.
"We are gratified that HP shareowners recognize the compelling strategic and economic benefits of the merger and that a decisive majority of shares not affiliated with the Hewlett and Packard families and foundations appear to have been voted in favor of this transaction," Carly Fiorina, HP chairman and chief executive officer said after the vote.
"This board remains committed to building sustainable shareowner value. We believe that with this endorsement from our shareowners, HP has an historic opportunity to lead in a rapidly evolving industry and build upon our proud history of innovation and invention.
"We are thankful for the support we've received from our shareowners, employees and customers during this difficult proxy fight.
Compaq is currently trading at $10.91 down 23c while HP is trading at $18.60 down 20c.