HP extends offer for Autonomy

Sep 13, 2011
Hewlett-Packard headquarters in Palo Alto, California. US computer giant Hewlett-Packard has said it is extending its $10.24 billion offer for Autonomy as it seeks to bring more shareholders of the British software company on board.

US computer giant Hewlett-Packard said on Tuesday it is extending its $10.24 billion offer for Autonomy as it seeks to bring more shareholders of the British software company on board.

HP, in a filing with the US (SEC), said it was extending the deadline by three weeks to October 3.

The Palo Alto, California-based HP is seeking the approval of 75 percent of Autonomy's shareholders but has garnered the backing of only 41.62 percent so far.

HP, the world's top , announced last month that it was exploring a of its personal computer unit and buying as it refocuses on software and technology solutions.

HP offered $42.11 (£25.50) per share for all of the outstanding shares of Autonomy, a premium of 64 percent over Autonomy's closing price on the London Stock Exchange on August 17.

The deal has been unanimously approved by the boards of directors of both companies.

Autonomy was founded in 1996 and makes software for companies to search and manage huge databases.

HP shares were down 0.67 percent at $53.13 in mid-day trading on Wall Street.

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