EDS (Electronic Data Systems) sold to Hewlett-Packard (HP)

[Oracle of Delphi]

Yesterday I received a letter in the mail saying:

Dear EDS stockholder:

I am pleased to inform you that a merger of EDS with a subsidiary of HP has been completed in accordance with the agreement and Plan of Merger dated May 13, 2008. The merger was effective as of August 26, 2008.

As a result of the merger, EDS became a wholly-owned subsidiary of HP and each holder of shares of common stock of EDS became entitled to receive $25.00 in cash, without interest, for each share of EDS common stock they held as of the merger date. We refer to this amount collectively as the Merger Consideration. Please note EDS stockholders will not become stockholders of HP as a result of this transaction.

What the Hell? A company that I own as a stockholder is sold, and I don't even get a vote in it? Nor do I get shares in the new company? And only $25.00 per share when in fact, when GM gave me these shares they were worth more than $25.00

I will be talking to my attorney on Monday about this. I spoke to EDS investors I know personally and they knew nothing about this until they got this letter too.

Anyone else get this letter?

Something is rotten in Plano, TX and it isn't the Frito-Lay company either.

[GXT]

What the Hell? A company that I own as a stockholder is sold, and I don't even get a vote in it? Nor do I get shares in the new company? And only $25.00 per share when in fact, when GM gave me these shares they were worth more than $25.00

I will be talking to my attorney on Monday about this. I spoke to EDS investors I know personally and they knew nothing about this until they got this letter too.

Anyone else get this letter?

Something is rotten in Plano, TX and it isn't the Frito-Lay company either.

I suspect you need to be a relatively large shareholder to have any say.

"According to a statement, 98.8 percent of EDS common stock was voted for the HP deal–that equates to 72.4 percent of the outstanding shares."

http://blogs.zdnet.com/BTL/?p=9511

Considering EDS shares were at $16 in April, $25 ain't that bad. It could have been worse.

[VenSeattle]

More news -------------------->

Hewlett-Packard to cut nearly 25,000 jobs in EDS reorganization

04:50 PM CDT on Monday, September 15, 2008

By VICTOR GODINEZ / The Dallas Morning News

[email protected]

Hewlett-Packard Co. said today that it plans to cut about 24,600 jobs as part of its purchase and reorganization of Electronic Data Systems Corp.

Most of the cuts will come from EDS's 140,000 employees worldwide, while the remaining cuts will come at H-P. About half of the total job losses will be in the United States.

The cuts are part of H-P’s plan to integrate the Plano-based information technology outsourcing firm.

The $13.9 billion deal, which was completed last month, was widely expected to result in layoffs.

[chevelle454]

HP sucks

[Oracle of Delphi]

More news -------------------->

Hewlett-Packard to cut nearly 25,000 jobs in EDS reorganization

04:50 PM CDT on Monday, September 15, 2008

By VICTOR GODINEZ / The Dallas Morning News

[email protected]

Hewlett-Packard Co. said today that it plans to cut about 24,600 jobs as part of its purchase and reorganization of Electronic Data Systems Corp.

Most of the cuts will come from EDS's 140,000 employees worldwide, while the remaining cuts will come at H-P. About half of the total job losses will be in the United States.

The cuts are part of H-P’s plan to integrate the Plano-based information technology outsourcing firm.

The $13.9 billion deal, which was completed last month, was widely expected to result in layoffs.

Of course most of the cuts will come from the US. God forbid HP/EDS shut down their IPC in India, or Argentina, etc. Well I will take my blood money and buy HP stock with it, and become the biggest God damned Pain In The Ass they have ever met. It's part of my charm.

Edited September 16, 2008 by Pontiac Custom-S