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03 Jul 2010
SAP has pushed back the deadline for approval of its acquisition of Sybase. Originally set for 1 July, the deadline is now 16 July as regulators examine the proposed deal.
The company estimated that roughly 87.7 million shares of Sybase stock were still outstanding on 1 July.
"The tender offer is being extended because certain conditions are not yet satisfied, including approval of the European Commission under European Union merger regulations," SAP said in a statement.
"Except for the extension of the tender offer, all other terms and conditions of the tender offer remain unchanged."
SAP announced its $5.8bn 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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