SOFTWARE INDUSTRY NEWS

SAP extends offer to acquire Sybase

02 July 2010 , Written by Dhruv Tanwar
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SAP has said that its indirectly wholly-owned subsidiary, Sheffield Acquisition Corp., has extended the expiration of its cash tender offer for all outstanding shares of common stock of Sybase, Inc., at the price of $65 per share, to 9:00 p.m., New York City time on July 16, 2010, unless further extended. The offers was previously scheduled to expire at 9:00 p.m., New York City time, on July 1, 2010.

SAP said the deadline was extended since certain conditions to the tender offer were yet to be satisfied, including the approval of the European Commission under European Union merger regulations. SAP had provided notice of the transaction to the European Commission on June 16, 2010, which puts July 22, 2010 as the date on which the initial 25 working day review period under the European Union merger regulations expires, unless the review period is terminated prior to such expiration by the European Commission.
 

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