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
78,613 News Articles

Autonomy shareholders not rushing for £6.7 billion HP deal

Hanging on for a higher offer?

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."


IDG UK Sites

Nokia Lumia 930 review: The flagship Windows Phone 8.1 smartphone

IDG UK Sites

Live Blog: Apple financial results, record June quarter, 35.2m iPhones sold, $37.4b revenue

IDG UK Sites

Welcome to the upgrade cycle - you'll never leave

IDG UK Sites

Why smartphone screens are getting bigger