It urged shareholders not to act on the proposal until they had heard from the company.
It urged shareholders to take no action on the offer and retain their shares.
An adviser to banks urged shareholders of those big institutions not to worry.
The company had urged shareholders to vote down both.
The first year, he said, management tried to stop him when he urged shareholders to vote for it.
And they are urging female shareholders to write "Where are the women?"
Time said its directors would consider the new offer "in due course" and it urged shareholders not to act.
In a statement, the company urged shareholders not to act until officials had made their recommendation.
Hewlett-Packard management is urging shareholders to vote against the proposal.
The board urged shareholders not to tender their shares until they had been advised by the company.