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Oracle Issues Statement Regarding Autonomy Meeting (ORCL,HPQ)

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This morning, Oracle (NASDAQ:ORCL) issued the following statement in regards to the claims that Autonomy CEO Mike Lynch never shopped his company to the tech giant prior to their $11.7 billion dollar acquisition by Hewlett-Packard. "Autonomy had been 'shopped' to Oracle as well, but Oracle wasn't interested because the price was way too high. Mike Lynch, Autonomy CEO, then publicly denied that his company had been shopped to Oracle. Lynch came to Oracle, along with his investment banker, Frank Quattrone, and met with Oracle's head of M&A, Douglas Kehring and Oracle President Mark Hurd at 11 am on April 1, 2011. After listening to Lynch's PowerPoint slide sales pitch to sell Autonomy to Oracle, Kehring and Hurd told Lynch that with a current market value of $6B, Autonomy was already extremely over-priced." Shares of Oracle are trading up 2.5% to $30.20, while Hewlett-Packard are also trading up over 3% to $23.92. Oracle (NASDAQ:ORCL) has a potential upside of 18.9% based on a current price of $30.15 and an average consensus analyst price target of $35.84.
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