German business software maker SAP AG said Monday that it has extended its $5.8 billion tender offer for U.S. database software maker Sybase Inc. by another 10 days as it awaits clearance for the deal by European regulators.
The offer of $65 per share was extended to July 26 from July 16, SAP said. It already was extended from July 1.
The offer was extended "because certain conditions to the tender offer are not yet satisfied, including approval of the European Commission under European Union merger regulations," the company said in a statement.
SAP notified the commission of the deal on June 16, meaning the initial 25 working-day review period expires on July 22 — unless ended early by the European Union executive.
The buyer said nearly 74 million of Sybase's almost 87.9 million shares outstanding had been tendered and not withdrawn as of 9 p.m. New York time on July 16. Sybase is headquartered in Dublin, California.
Shares of SAP, based in Walldorf, Germany, were up 0.15 percent at €37.31 ($48.22) on a Frankfurt exchange that was slightly lower overall.