Business Objects says nearly all 2.25% convertibles tendered in SAP offer

By Angela McDaniels

Tacoma, Wash., Jan. 30 - Business Objects SA said that SAP AG held 99.76% of its €500 million principal amount of 2.25% convertible senior bonds due 2027 as of Jan. 15.

SAP began a tender offer for the convertibles and for Business Objects' ordinary shares, American Depositary Shares and warrants on Dec. 4. The initial tender offer closed on Jan. 15, and a supplemental tender offer expired on Tuesday.

The tenders were made in response to an announcement on Jan. 17 from Business Objects giving notice to holders that they were able to put the bonds at par plus accrued interest.

In addition to the convertibles, SAP now holds 87.12% of Business Objects' fully diluted capital stock, according to a company news release. SAP acquired the securities via its subsidiary, SAP France SA.

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

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

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