Autonomy bear Steer: HP bid 'gobsmackingly' expensive

Tim Steer, manager of the £320m Artemis UK Growth fund, has labelled the takeover of Autonomy by Hewlett Packard as expensive after the US giant offered to pay a premium of about 75% for the firm.

Steer, who is understood to have been shorting Autonomy earlier this year, declined to comment on whether he was still short the software group, but said the £7.1bn HP offered looks overdone. "I was bearish on the stock, and although it might help HP's PC business, on the surface it looks quite expensive," he said. "I think most of the market is gobsmacked by the premium paid for Autonomy by HP, especially in these markets. I hope for HP shareholders' sake they have satisfied themselves and done the required homework and they have a clear vision as to how Autonomy fits in with HP's ex...