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Published on .

(May 11, 2001) -- Compaq Computer Corp. declined to increase the amount it was willing to pay for Internet consultant Proxicom today. Thus, Reston Va.-based Proxicom will move forward with its plan to be bought by South African company Dimension Data Holdings PLC.

Compaq said it was still interested in pursuing opportunities to expand its services, but that economic conditions didn't warrant upping its offer of $5.75 per share.

Dimension has offered $7.50 per share, for a total purchase price of almost $350 million.

Proxicom shares closed today at $7.31, down 33 cents. -- Catharine P. Taylor

Copyright May 2001, Crain Communications Inc.

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