SAP Extends Offer For Sybase Acquisition As It Awaits EU Approval

SAP today announced that it has extended the expiration of its cash tender offer for all outstanding shares of common stock of fellow business software company Sybase at a price of $65.00 per share or $5.8 billion in total.

The tender offer was previously scheduled to expire at 9:00 p.m., New York City time, on July 1, 2010 and has now been extended until the same time on July 16, 2010.

According to SAP, the tender offer is being extended because ‘certain conditions’ to the offer are not yet satisfied, including regulatory approval of the European Commission.

SAP says it provided notice of the transaction to the European Commission on June 16, 2010, which makes July 22, 2010 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 Commission.

Apart for the extension of the offer, all other terms and conditions remain unchanged.