Hewlett-Packard suffered 'buyer's remorse' over its disastrous $1...
LONDON - Hewlett-Packard suffered “buyer’s remorse” over its disastrous $11 billion acquisition of Autonomy and was trying to pin the blame on UK entrepreneur Mike Lynch, London’s High Court heard on Monday in the closing stages of a multi-billion dollar case.
Lynch’s lawyer Robert Miles told the court on Monday that HP’s then-chairman Ray Lane had “serious cold feet” almost immediately after the deal was announced, and the company’s board and management had never seriously tried to integrate Autonomy.“The board buckled to the pressure of the adverse movement in the share price and indeed we say lost their corporate nerve,” he added.
Miles, however, said on Monday that there were two levels to the case: firstly whether there were any underlying problems with Autonomy’s accounts; and secondly, if there were such problems, whether Lynch was complicit.
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