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back to article HP extends deadline as Autonomy shareholders drag feet

HP has extended the acceptance deadline for its Autonomy bid as fewer than half the UK software developers' shareholders approved the £7bn deal. Yesterday's closing date for agreeing on HP's £25.50 per share offer made on 19 August passed with just 42 per cent of Autonomy investors giving the thumbs-up, despite the deal …

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Anonymous Coward

Well fancy that

There are still shareholders around that can see further than this week's wallet, and they know that HP management for the last few years and for the foreseeable future (hello Mr Apotheker) has the reverse Midas effect - everything they touch turns to something a lot less valuable than gold.

Anyone know how much of Autonomy is owned by employees and associates?

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Happy

Agreed but greed may be at play too.

Agreed on HP's reverse Midas touch (that one made me really laugh BTW) but I wonder if the fact that (like many other similar buyouts) the share price has risen almost the exact SAME 78% or so to reach the new buyout valuation..... and then shareholders see the price hike and think "oh who needs HP", forgetting HP's premium offer is what jacked up share price, and shareholders feel they are more valuable that they really are. Yahoo managed to stay in business, but many similar situations have seen the shareholders reject the buy, only to see the stock drop lower than it was prior to the offer, sometimes enough to kill the companies entire market valuation and then the company altogether.....

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Anonymous Coward

Maybe

Autonomy shareholders (at least some of them) have observed HP's ability to destroy value when they buy companies? Some shareholders do have scruples you know.

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Given the financial house of cards that is Autonomy I'm amazed more haven't jumped on the band wagon to sure up the companies financial situation.

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Mushroom

Interesting

Being that we actually use an Autonomy product, we where hopeful that HP would buy them out and fix their management problems. Autonomy dragging their feet is actually the way they do business all the time. We have have had nothing but problems since Autonomy purchase Interwoven a few years back. HP was our last hope to saving our iManage project. It may be too late now for that to happen. It is sad because the product is a good product matched with a piss poor company.

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Anonymous Coward

I can promise you...

...that if HP is successful in acquiring Autonomy that your problems will get worse, not better. The dead hand of HP will see to that!

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Trollface

I can assure you it doesn't get any better

At least in my experience (if you're condemned to work on the Itanic platform).

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Coat

If this merger falls through then HP is going to be in the market for a new CEO. Apotheker hasn't managed to get a single thing right so far.

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Anonymous Coward

"Apotheker hasn't managed to get a single thing right "

Why did he leave SAP? [That one's relatively easy to answer]

Why did HP pick him as CEO? [All input gratefully received]

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Happy

Lies!.. Damn Lies! (and blackmail) thats how.

I assume he got compromising pictures of the board and blackmailed most of them, the rest he just lied to and promised them how much better he would do than what he did with SAP, the real question is why they believed him, and why HP shareholders didn't spank the board and entire company by selling off shares firesale like upon instant hearing of the news they hired him....

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Happy

Maybe a good thing!

Maybe Autonomy is just holding out to kill off Leo Apocalypse as CEO, HP can fire him and undo the whole retarded mess he has made of HP's hardware business

My imitation of Leo the cowardly lion:

"Uh Duh...lets get rid of the one business we are actually tops in (PC's) and the one market we show most promise in (touchpad and smartphones)...that would be uh duh smart cause we are a software company.....[drools a bit and then flings poo at the HP board]

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Holmes

@Rob

Has anyone seen Elop and Apotheker in the same room? Maybe they're one and the same person.

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Big Brother

23456

Looks like the Chemist might get a mere 40million dollars for a parachute.

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Pint

Off the point perhaps, but what do you actually bye when you bye a company. The customers, the people, the products, name and reputation or the cash, or any combination of that.

I remember a company buying a well working smaller company just to find out, a bit later, that there where no people left, all that was left was the liabilities and a empty office.

So who destroyed that company, the buyer or the guys who took the money and run.

I also met a funny lady from Nokia who complained Nokia did not bye Apple when it was possible,

and later become a big company.

And there where those at Ericsson who complained they did not bye Nokia when it was offered to them, and later become a big company.

But, but and but, life and business is more complicated than "if".

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Anonymous Coward

Basic (financial) maths

So the prevailing market price for Autonomy shares is *below* the offer price? Surely that suggest that "the market" doesn't think this is going to get up?

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FAIL

@ cloudgazer

I would for a Gold Partner in the UK and I can safely say Leo Apocalypse so far has been an absolute disaster for HP so far.

He has halved the value in share price. Customers are renewing there kit with other vendor products and refusing the Proliant range of servers due truley awful Indian support.

He should be sacked and without golden parachute but a lead weight. The board need a bit of kicking for picking such a muppet. He obviously has not idea what HP' strengths are and abet weaknesses are.

HP should get back to things its good at - engineering. Bring the support back onshore where possible. Ditch the Bangalore bodyshop, it has and always will be a cheap substandard labour

With regards to a CEO surely there must be someone from within whose has the skills.

No more slash and burn merchants please (Hurd-/Fiorina)!

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Stop

Autonomous as worried as the rest of us

When we were outsourced to HP we were concerned it was just EDS with a facelift. A year on, all our fears were confirmed (or HP has dragged itself down to the same levels). If the primary shareholders are the workers then I'm not surprised they have cold feet. They can look forward to mis-management, incompetence, and a new address in Bangalore.

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