Proxy Advisor To Weigh in on HP/Compaq Tomorrow
On Friday, Institutional Shareholder Services said it would release its report after the market closes Tuesday. It’s a report that institutional investors will be watching with some interest – either as a barometer for their own decisions or for a sense of how the final vote might come out.
According to CNET.com, in at least one case, ISS’ recommendation will be binding, but the other large shareholders may well keep that position in mind as they vote on the proposed deal. About 20% of Hewlett-Packard’s institutional shareholders are said to be ISS customers, according to the report.
An estimated 10% of HP shares will be voted in accordance with the opinion of ISS, while ISS advises some 700 funds how to vote in proxy matters.
HP’s largest shareholder is the David and Lucile Packard Foundation, which has said it will vote against the deal, as have other groups representing the founders’ heirs.
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