HP Statement on Comdisco Inc. Bankruptcy Proceedings
PALO ALTO, Calif., Oct. 24, 2001
Hewlett-Packard Company (NYSE:HWP) today announced that it has submitted a bid of $750 million to purchase substantially all of the assets of Comdisco, Inc.'s Availability Solutions operations.
The HP bid is fully supported by the Official Committee of Unsecured Creditors and has been approved by the Comdisco board of directors. Both the creditors committee and Comdisco have withdrawn their support of a prior bid by SunGard Data Systems Inc. The Department of Justice has also filed a civil antitrust lawsuit to block SunGard's acquisition.
HP's bid is still subject to final approval at a sale hearing of the U.S. Bankruptcy Court for the Northern District of Illinois, which has been rescheduled for Nov. 7.
Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to all. HP had total revenue from continuing operations of $48.8 billion in its 2000 fiscal year. Information about HP and its products can be found on the World Wide Web at http://www.hp.com.
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