HP extends Autonomy bid timetable


HP extends Autonomy bid timetable

Simon Quicke

The deadline for acceptances of HP's bid for Autonomy is being extended after the first closing day passed yesterday without coming to a conclusion.

There are doubts that anyone is likely to better the generous offer made by HP but by yesterday only 41.6% of shareholders had returned their support for the £7bn takeover.

Shareholders will now have until 3 October to register their acceptance of the deal which was made on 18 August.

At the time Autonomy shareholders were expected to pass it through on the nod because HP had offered a decent bid, a premium of 79% on the price the day before the offer.

The acquisition of Autnonomy was one of the key planks of the strategic changes announced last month by HP's CEO Leo Apotheker who also shocked the channel with moves to kill-off its Touchpad tablet product and raises the prospect of a spin-off or sale of its PSG operation.

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