Electronic Data Systems, Hewlett-Packard merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., June 30 - The Hart-Scott-Rodino waiting period in the proposed merger of Electronic Data Systems Corp. and Hewlett-Packard Co. has expired, it was announced on Monday.

It was previously reported that Electronic Data Systems would hold a special meeting of shareholders on July 31 at 10:30 a.m. ET to vote on the company's acquisition by Hewlett-Packard and Hawk Merger Corp. The record date for the meeting is June 24.

Hewlett-Packard entered into a definitive agreement in May to purchase Electronic Data Systems for $25 per share, or approximately $13.9 billion.

The Intermountain Ironworkers Trust Fund filed suit in Collin County, Texas, to stop the sale, alleging it is unfair to Electronic Data Systems shareholders and claiming that the company's directors breached their fiduciary duties, according to a statement released by Baron & Budd, PC, the law firm representing the trust fund.

Baron & Budd noted that the agreement does not allow Electronic Data Systems, a Plano, Texas, technology services company, to seek higher alternative bids.

Hewlett-Packard is a Palo Alto, Calif., computer, printing and imaging technology company.

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