Got it!
Having been through the process, you've pretty much nailed it. I've seen several Cambridge tech companies go down the same plughole, and others circling the drain even now.
American management doesn't trust anyone. Your authority to spend money is suddenly reduced down to something trivial, even though the new approvals process is slow and cumbersome and ruins the responsiveness that made the company so dynamic pre-acquisition. They do not understand UK culture and the working environment and try to manage as if things work the same way as in the US, and so alienate most of the good staff who leave in short order. When it comes to the inevitable lay-offs, half of them don't even realise you can't just fire people over here. The other half have either made the mistake before or are bright enough to listen to their UK personnel department before screwing up.
To those working at Autonomy, I predict three years, five at most. There is usually no change to start with, apart from possibly a logo change and acknowledgement of the new owner on stationery, Then it'll be a new reporting chain where you're now several more layers down from the top, new procurement rules, new rules on timesheets and how you book your vacation (not holiday...) time, etc. Senior management can be very status conscious and do not take kindly to being questioned on their decisions, even when it's an attempt to be constructive, and to start with this can be a source of amusement, at least on the UK side, but it wears off after a while.
Always use UK date format and spellings :-)