Autonomy soars on HP takeover bid

Shares in software giant Autonomy soared this morning after it confirmed last night it had received an $11bn offer from Hewlett-Packard.

The stock, a favourite with fund managers in the UK, jumped 76% after the opening bell having received a £7.1bn offer from the US giant. The deal valued shares at £25.50, a 64% premium to Wednesday's closing price. This morning its shares jumped 76.7% to £25.25, having closed at £14.29 on Thursday. The deal will be a boost for managers including Richard Buxton, who holds the stock in his £3bn Schroder UK Alpha Plus fund, and GLG's Philip Pearson and Anthony Burton, managers of the £95m GLG Technology Equity fund. The fund had a 7.2% holding in the stock at the end of last month....