Business Objects recounts recent developments, including resignation of chief strategy officer

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Business Objects SA summarized a number of events in a form 8-K filing with the Securities and Exchange Commission.

The company announced its financial results for the three months ended Dec. 31 and fiscal year 2007.

Other events included:

• Business Objects gave notice of change of control of the company and advised bondholders that they have the right to exercise the option to have their ORNANEs redeemed for cash and new and existing shares from May 11, 2009. As a result of the SAP tender offer, the conversion ratio increased;

• Bernard Liautaud resigned as chairman and chief strategy officer;

• SAP's Dr. Henning Kagermann, Léo Apotheker, Dr. Werner Brandt, Erwin Gunst and Vishal Sikka were appointed to the company's board of directors.

Kagermann, Jean-François Heitz and Gerald Held were appointed to the corporate governance committee. Named to the compensation committee were Held, Apotheker and Kurt Lauk.

Heitz, Lauk and Held were appointed to the audit committee; and

• The board of directors amended the company's bylaws to increase the stated share capital of the company to just under €10 million from a stated share capital of €9.76 million as the result of the issuance of shares following the exercise of stock options from July 1, 2007 to Dec. 31.

As previously reported, SAP subsidiary SAP France SA acquired Business Objects SA in a tender offer in both France and the United States.

Under the tender offer agreement, SAP made a cash offer of €42 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.

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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