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HP Updates Status of Synstar Acquisition Offer
PALO ALTO, Calif., Sept. 24, 2004
HP announced today that a condition to the recommended cash offer for
all of the issued and to be issued share capital of Synstar Plc, a UK-listed
company, regarding the level of shareholder acceptances has been satisfied
and that the offer has been extended until further notice. As of 3 p.m.
(London time) on Sept. 24, 2004, HP Global Investments BV, a wholly owned
subsidiary of HP, had received valid acceptances in respect of 149,031,684
Synstar shares, representing approximately 91.4 percent of the entire issued
share capital of Synstar. Merrill Lynch is making the offer on behalf of
HP Global Investments BV.
Synstar is a leading independent provider of information technology (IT)
services to around 1,500 customers with a direct delivery presence in eight
European countries. Across Europe, Synstar helps customers to manage IT
infrastructure to reduce costs and increase service quality. Synstar provides
managed services that are geared to deliver business availability across
desktop configuration and data center environments, and also designs and
implements IT risk management strategies.
U.S. shareholders of Synstar may obtain additional information on today's offer announcement by searching for "Synstar" at www.londonstockexchange.com/rns.
About HP
HP is a technology solutions provider to consumers,
businesses and institutions globally. The company's offerings
span IT infrastructure, personal computing and access devices, global services
and imaging and printing. For the four fiscal quarters ended July 31, 2004,
HP revenue totaled $78.4 billion. More information about HP (NYSE, Nasdaq:
HPQ) is available at www.hp.com.
This news release may contain forward-looking statements that involve risks and uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements related to the closing of the proposed acquisition; statements of plans, strategies and objectives of management for future product or service offerings; and statements relating to the execution of any integration plans. The risks, uncertainties and assumptions referred to above include the possibility that the proposed acquisition may not be completed on the terms, or within the timeframe, currently contemplated, or at all; employee management issues; the challenges of integrating this company into HP; the challenge of maintaining customers following the acquisition; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's Quarterly Report on Form 10-Q for the period ended July 31, 2004, and other reports filed after the Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2003. HP assumes no obligation and does not intend to update these forward-looking statements.
Additional Information and Where to Find It
More information about the offer to acquire Synstar may be found at www.londonstockexchange.com/rns. The offer is not being made, directly or indirectly, in or into and will not be capable of acceptance in or from Australia, Canada or Japan. This press release shall not constitute an offer or invitation to purchase any securities.
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