HP Drops Bid for PwC Consulting
In a surprise announcement, technology giant Hewlett-Packard stated it has withdrawn its bid to purchase the consultancy arm of PricewaterhouseCoopers.
HP had previously indicated its desire to purchase the consultancy company for $18 billion in cash and stock. The acquisition would have provided HP with a highly trained force of nearly 31,500 technology and business consultants. In addition, the purchase would have enabled PwC to escape the potential conflict of interest issues between audit and consultancy work currently under examination by the SEC.
HP also announced fourth quarter earnings results on Monday, surprising Wall Street with unexpectedly low earnings. Analysts had predicted HP would earn 51 cents per share for the quarter; instead HP announced per share earnings of 41 cents.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.