SAP pushes back Sybase buy

 

Deadline extended to mid-July.

SAP has pushed back the deadline for approval of its acquisition of Sybase.

Originally set for 1 July, the company has pushed back its deadline to 16 July as regulators examine the proposed deal. The company estimated that as of 1 July roughly 87.7 million shares of Sybase stock were still outstanding.

"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," the company said in a statement.

"Except for the extension of the tender offer, all other terms and conditions of the tender offer remain unchanged."

SAP first announced its US$5.8 billion (AU$6.5 billion) acquisition deal with Sybase in May. The company has planned for the mobile enterprise software specialist to provide tools to help customers manage SAP software and other enterprise management systems through mobile handsets.

Approximate finalisation for the deal was pegged for the end of the year.

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