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Hewlett-Packard to fight SunGard's purchase plan
BLOOMBERG, PALO ALTO, CALIFORNIA
Sunday, Oct 14, 2001, Page 11
Hewlett-Packard Co will challenge SunGard Data System Inc's agreement to acquire the computer disaster-recovery business of Comdisco Inc for US$825 million in a bankruptcy-court auction.
SunGard, which makes software that automates stock and bond trades and also has a disaster-recovery business, topped a US$610 million bid made by Hewlett-Packard in July. SunGard in August offered US$775 million for the unit, which helps companies minimize loss of data and technology in disasters.
Hewlett-Packard, based in Palo Alto, California, alleged SunGard's purchase would violate US antitrust laws. Hewlett-Packard said its bid is "pro-customer and pro-competition."
Calls to SunGard seeking comment weren't immediately returned.
"Comdisco gives SunGard a way to dramatically improve their market position," said ABN Amro analyst Glenn Greene, who rates SunGard shares "buy."
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