Autonomy shareholders not rushing for £6.7 billion HP deal

Autonomy shareholders not rushing for £6.7 billion HP deal

Hanging on for a higher offer?

Article comments

HP has extended the deadline for its $11 billion (£6.7 billion) takeover offer for UK software firm Autonomy after just 41.62 percent of shareholders accepted the bid.

The first closing date for the offer passed yesterday, and shareholders will now have until 10am on 3 October to vote in favour of the takeover.

HP announced its plans to acquire Autonomy for £25.50 per share on 18 August, with the approval of both companies’ boards. The Autonomy board of directors, led by founder and CEO Mike Lynch, has also unanimously recommended its shareholders accept the offer.

TechMarketView analyst Richard Holway was surprised by the low shareholder acceptance level.

“The £25.50 per share offer for Autonomy really looked ‘top of the range’,” he said.

“Nobody really expected a rival bid to top that, so it’s a bit surprising that the acceptances to date are not higher. I still don’t see any rival bid as likely – but never say never.”

Share:

Comments

Advertisement
Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.


We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

ComputerworldUK Knowledge Vault

ComputerworldUK
Share
x
Open
* *