News:HP acquired Autonomy a little over a year ago for $42.11 per share, or around $10.2 billion. It was one of the last decisions HP's previous CEO Leo Apotheker made before he was replaced with former eBay chief Meg Whitman. According to HP, Autonomy at the time misrepresented its value by $5 billion.
Leo Apotheker really screwed HP over, IMO, and his short time there is still affecting the company. Take a look at this excerpt from Wikipedia concerning Leo's dirty deeds:
During Apotheker's tenure at HP the stock dropped about 40%. It dropped nearly 25% on 19 August 2011, after HP announced a number of seemingly abrupt strategic decision: to discontinue its webOS device business (mobile phones and tablet computers), to begin planning to divest its personal computer division, and to acquire British software firm Autonomy for a significant premium. Over the months following Apotheker's departure, HP eventually spun-off the remaining webOS assets into a new subsidiary, Gram; backtracked on any plans to spin-off its personal computer division; and wrote-down almost $9 billion related to the Autonomy acquisition, which it indicated was due to a lack of due diligence during the acquisition process under Apotheker.
On September 22, 2011, the HP Board of Directors replaced Apotheker as chief executive, effective immediately, with fellow board member and former eBay chief Meg Whitman. Though Apotheker served barely ten months, he received over $13 million in compensation: a severance payment of $7.2 million, shares worth $3.56 million, and a performance bonus of $2.4 million, although the company lost more than $30 billion in market capitalization during his tenure.
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