SAP's offer for Business Objects clears regulatory hurdle

By Lisa Kerner

Charlotte, N.C., Nov. 29 - SAP AG said it has obtained all required regulatory approvals needed for SAP France AG's proposed tender offer for Business Objects SA in France and the United States, the company announced on Thursday.

The offer is conditioned on the tender of at least 50.01% of Business Objects securities, according to a company news release.

The French tender offer is expected to close on Jan. 10, and the American tender offer will close on Jan. 15.

SAP previously reported that the European Commission cleared its proposed acquisition of Business Objects.

The two companies reached a tender offer agreement under which SAP will make a cash offer of €42.00 per ordinary share and for the American Depositary Shares of Business Objects. The total offer amount, taking into account the transaction costs, will be slightly above €4.8 billion.

The tender offer includes all convertible bonds and warrants issued by Business Objects, for which the company will offer €50.65 per bond.

The transaction is expected to close in the first quarter of 2008.

Based in Walldorf, Germany, SAP is a provider of business software.

Business Objects is a Paris and San Jose, Calif.-based business intelligence software company.

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