H-P Bolsters Defenses, Hires Goldman Sachs

By: AP
By: AP

SAN FRANCISCO (AP) -- A published report says Hewlett-Packard is
beefing up its defenses in a bid to fend off activist investors
who, with enough shares, could demand drastic changes at the
company.

The Wall Street Journal report Wednesday that Hewlett-Packard
Co. has hired Goldman Sachs to help formulate a strategy for
guarding against shareholder activism. The Journal cited people
familiar with the matter. Asked about the report, an H-P spokesman
said only that the company has relationships with many investment
banks.

With the Palo Alto-based company's market value down some $60
billion since former CEO Mark Hurd resigned under pressure last
year, the company is under intense pressure to engineer a
turnaround. Last week, H-P fired Hurd's replacement, Leo Apotheker,
and replaced him with former eBay Inc. CEO Meg Whitman.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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