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Report: H-P bolsters defenses, hires Goldman Sachs
September 28, 2011
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.
(Copyright 2011 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
