In the past five years, there have been more than 970 takeovers of European software companies, amounting to over $31 billion in deals, according to data compiled by Bloomberg. The largest was SAP AG's 2008 takeover of Business Objects SA. Buyers have paid a median multiple of 10.8 times the targets' earnings before interest, taxes, depreciation and amortization, based on 70 deals.Bloomberg reported that Hewlett-Packard shares had fallen 53 cents, to $30.86, at 12:34 p.m. on the New York Stock Exchange, after earlier jumping as much as 8.3%. Before today, the shares had declined 25% for the year.

Autonomy, the UK's second-largest software maker, offers programs used in database search. The company's customers include Coca-Cola Co., Nestle SA, and the U.S. Securities and Exchange Commission.