SAP begins tender offer for Business Objects

By Lisa Kerner

Charlotte, N.C., Dec. 4 - SAP AG subsidiary SAP France SA began its tender offer for Business Objects SA in both France and the United States.

The French offer is slated to close on Jan. 10, while the U.S. offer is expected to close at 9 a.m. ET on Jan. 15, according to a company news release.

It was previously reported that under the tender offer agreement SAP will make a cash offer of €42.00 per ordinary share and per American Depositary Share 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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