Report: H-P bolsters defenses, hires Goldman Sachs
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. A call to an H-P spokesman by The Associated Press was not immediately returned.
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.