M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Thursday, September 29, 2011


Michael De La Merced of the Dealbook notices the URL that Oracle set up as part of the fight that Larry Ellison has been picking with H-P over its acquisition of Autonomy.  Ellison says Lynch, Autonomy's CEO, pitched a deal to Oracle and Oracle passed.  Lynch says that's not true.  OK, so Oracle posts a copy of the pitch-book that Autonomy handed over to new Oracle President Mark Hurd:

 The truth is that Mr. 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 Mr. Lynch’s PowerPoint slide sales pitch to sell Autonomy to Oracle, Mr. Kehring and Mr. Hurd told Mr. Lynch that with a current market value of $6 billion, Autonomy was already extremely over-priced.  The Lynch shopping visit to Oracle is easy to verify.  We still have his PowerPoint slides.”  (and PPT part 2)

The PPT presentation is a nice example of a pitch-book if you're looking for one to show to your M&A class.  Now, why Ellison would spend so much time and energy antagonizing H-P over their acquisition of Autonomy is bit of piling on.  But, I suppose it's indicative of the relationship that's existed between H-P and Oracle since the Mark Hurd firing.  Another reminder that M&A is often as much about personalities as it is economics.

Shana Tova!



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unfortunately, it looks like Oracle pulled the slides down...that would have been interested to look at

Posted by: Jacob | Sep 29, 2011 2:49:21 PM

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