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September 2, 1997updated 01 Sep 2016 3:35pm

TANDEM’S SHAREHOLDERS SIGN ON AS COMPAQ DEAL SOARS

By CBR Staff Writer

Shareholders in California-based Tandem Computers Inc have voted by a majority of 72% to approve the merger with Compaq Computer Corp. The merger, which was first revealed in June this year, is effective as of Friday 29th August, with only a 51% vote being required to seal the deal. Compaq will now issue 62 million shares of its common stock based on an exchange ratio of 0.525 shares of Compaq stock for each share in Tandem (the exchange ratio has been adjusted to reflect Compaq’s five for two stock split on July 28). Compaq’s shares have hit a purple patch since the deal was made public, rocketing from $40 to $65 in just two months, elevating the effective value of the deal by $1bn to over $4bn.

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