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'SAP extends offer to acquire Sybase'
(DMeurope Via Acquire Media NewsEdge) Business software provider SAP's indirectly wholly-owned subsidiary Sheffield Acquisition has extended the expiration of its cash tender offer for all outstanding shares of common stock of Sybase at a price of USD 65 per share, to 16 July, unless further extended. The tender offer was previously scheduled to expire on 1 July. The tender offer is being made pursuant to an offer to purchase, dated 26 May as amended, and in connection with the agreement and plan of merger, dated 12 May, by and among SAP America, Sheffield Acquisition, and Sybase, which SAP and Sybase announced on 12 May, this year. The tender offer is being extended because certain conditions to the tender offer are not yet satisfied, including approval of the European Commission under European Union merger regulations. SAP provided notice of the transaction to the European Commission on 16 June, which makes 22 July 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. Except for the extension of the tender offer, all other terms and conditions of the tender offer remain unchanged. American Stock Transfer & Trust Company, the depositary for the tender offer, has indicated that, as of 1 July, 87.78 million shares of common stock of Sybase were issued and outstanding, and 72.52 million shares of common stock of Sybase have been tendered into and not properly withdrawn from the tender offer, including 5.29 million shares of common stock tendered pursuant to the guaranteed delivery procedures set forth in the offer to purchase.
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