Hewlett Packard Co. has extended its $10.3 billion offer for Autonomy Corp. after investors agreed to part with less than half of the company’s shares.
Shareholders will now have until 10 a.m. London time on Oct. 3 to relinquish stock at 25.50 pounds ($40.32) a share, Palo Alto, California-based HP said in a regulatory filing today. The original deadline expired on Sept. 2.
As of Sept. 12, about 42 percent of shares had been submitted in acceptance of HP’s offer, the company said. Autonomy, based in Cambridge, England, is a developer of search software. The company’s annual sales increased 73 percent between 2008 and 2010, when revenue reached $870.4 million, according to Bloomberg data.
HP fell 7 cents, or 0.3 percent, to $22.58 in New York Stock Exchange composite trading yesterday. The stock declined 46 percent this year before today. Autonomy rose 7 pence, or 0.3 percent, to 2,524 pence at 12:58 p.m. in London trading.
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