SAP AG (SAP) Extends $40/Share Tender for SuccessFactors (SFSF)
SAP AG (NYSE: SAP) announced today that its indirectly wholly-owned subsidiary, Saturn Expansion Corporation, has extended the expiration of its cash tender offer for all outstanding shares of common stock of SuccessFactors, Inc. (NYSE: SFSF) for $40.00 per share, without interest and less any applicable withholding taxes, to 5:00 p.m., New York City time on February 15, 2012. The tender offer was extended because the parties had not yet received approval of the Committee on Foreign Investment in the United States ("CFIUS") under U.S. national security regulations, which was a condition to the offer.
SAP also announced that its subsidiaries, SAP America, Inc. and Saturn Expansion Corporation, have waived the condition that the CFIUS approval be obtained prior to the expiration of the tender offer (the "CFIUS Condition").
The tender offer is being made pursuant to an Offer to Purchase dated December 16, 2011 and in connection with an Agreement and Plan of Merger dated as of December 3, 2011. SAP and SuccessFactors first announced this transaction on December 3, 2011. Except for the extension of the tender offer and the waiver of the CFIUS Condition, all other terms and conditions of the tender offer remain unchanged.
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SAP also announced that its subsidiaries, SAP America, Inc. and Saturn Expansion Corporation, have waived the condition that the CFIUS approval be obtained prior to the expiration of the tender offer (the "CFIUS Condition").
The tender offer is being made pursuant to an Offer to Purchase dated December 16, 2011 and in connection with an Agreement and Plan of Merger dated as of December 3, 2011. SAP and SuccessFactors first announced this transaction on December 3, 2011. Except for the extension of the tender offer and the waiver of the CFIUS Condition, all other terms and conditions of the tender offer remain unchanged.
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