World’s largest computer manufacturer Hewlett and Packard Co. (HP) has offered $42.11 per share in a bid to acquire a software firm based in the United Kingdom, Autonomy Corporation.
According to the Reuters, HP while addressing the meet to announce its earnings for the third quarter of the current fiscal year revealed that the company is in discussions with Autonomy Corp. for a possible acquisition.
The company has offered to buy the outstanding shares of Autonomy at $42.11 per share, amounting to the total of $11.7 billion in cash.
The offer has been approved by the board of directors of both the companies. The top executives of Autonomy Corp. have requested the shareholders of the company to accept the proposal unanimously.
Autonomy Corp., established in the year 1996 is a global leader in software with a dedicated consumer base of more than 25,000 multinational companies. The company also boasts of more than 2,700 headcounts in its employee base.
According to the details revealed by both the sides, facts, terns and conditions of the deal will be circulated once decided. The acquisition is expected to complete by the end of 2011.
Meanwhile, HP has decided to put an end to its operations for WebOS, thus bringing an end of support for its recently launched tablet device, TouchPad.