HP-EDS deal price at issue in court hearing
Business Law
A shareholder group is trying to pressure Electronic Data Systems Corp. into demanding more than the $13.2 billion that Hewlett-Packard Co. has offered for the technology services company.
The group said Monday it intends to ask a judge in Collin County, Texas, to postpone the shareholder meeting EDS has scheduled for July 31, when investors are scheduled to vote on whether to approve HP's takeover of the Plano, Texas-based company. A hearing is set for Thursday on the group's request.
The group believes that the EDS board agreed to sell the company for too little money.
HP is offering $25 per share for EDS, a nearly 33 percent premium over where EDS stock stood before the proposed acquisition was announced in May. Including debt held by EDS, HP values the acquisition at $13.9 billion.
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