Codestone

Category: ERP Software

SAP, a leading manufacturer of high-quality enterprise resource planning (ERP) software, has extended its offer to buy SuccessFactors.

A potential takeover of the firm has been in the offing for several weeks and SAP recently received a boost when the German Federal Cartel Office announced it could complete the deal.

Its wholly-owned subsidiary Saturn Expansion Corporation has now confirmed that a cash tender offer for all of SuccessFactor's shares has been made.

SAP is prepared to pay $40 (£25.37) per share but a deadline of 17:00 local time in New York City tomorrow (February 1st) has been set.

This is a slight extension on the initial timeframe, brought about because the relevant parties have yet to receive the necessary approval from the Committee on Foreign Investment in the US.

The takeover was also boosted earlier this month when the US Department of Justice agreed to remove a ruling under the Hart-Scott-Rodino Antitrust Improvements Act that would have required a waiting period to have been held.

Posted by Jack Gilbert