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General Electric Company (NYSE:GE) is in discussions to purchase the Italian defense firm Avio SpA from Cinven, which turned down a previous offer from two private-equity funds, say sources to Bloomberg.
Hewlett-Packard Company’s (NYSE:HPQ) accounting accusations are not clear to the former chief of Autonomy, a firm which the former acquired last year. Mike Lynch says he does not understand how the matter became a $5 billion write down on the software business he sold them, according to Reuters. Lynch explained that there were three areas in which accounting rules gave room for differences of interpretation while he said that the allegations are “utterly wrong.”
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International Business Machines Corporation’s (NYSE:IBM) proposed purchase of Kenexa Corporation (NASDAQ:KNXA) is connected to the entering into of a Memorandum of Understanding to settle a derivative action and purported class action complaint which was filed in the Court of Common Pleas of Chester County, Pennsylvania. The resolution of the lawsuit is contingent upon definitive documentation and court approval. In regards to the Memorandum of Understanding, Kenexa’s board of directors aproved a resolution that allows all Kenexa shareholders dissenters rights in connection with the acquisition and Kenexa, IBM and Sub entered into an amendment to the merger agreement affirming such dissenters rights. Thus, Kenexa shareholders have dissenters rights as provided by Pennsylvania law in regards to the merger. So that Kenexa’s shareholders have time to consider the amendment and to evaluate and provide timely notofication of their intention to exercise their dissenters rights in connection to the merger, Kenexa will postpone its previously scheduled special shareholder meeting concerning the merger. The special shareholder meeting for Kenexa, previously set for November 29th, will be held on December 3rd starting at 10:00 a.m.
Intel Corporation (NASDAQ:INTC) steps up the development of its new low power mobile chip, say anonymous PC industry sources to DigiTimes. The processor is anticipated around the middle of next year and should consume less power and be less expensive to make than its current mobile chip. The website added that the new processor is viewed as a milestone for Intel.
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