Ariba (ARBA) Volatiliy Rises as Shares Drop on Second Request from DoJ Over SAP Merger
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Ariba, Inc. (Nasdaq: ARBA) shares are lower on the session as its volatility increased following a release that the U.S. DoJ issued a second request related to SAP's (NYSE: SAP) pending acquisition of Ariba. The stock is down about 0.5 percent, falling sharply at 11am, while implied volatility is up 57 percent from Monday's close.
The release is below:
"SAP AG amd Ariba announced that they are responding to a second request for information from the U.S. Department of Justice regarding SAP's pending acquisition of Ariba. The second request is part of the regulatory approval process under the Hart-Scott-Rodino Anti-Trust Improvements Act. SAP and Ariba intend to continue to work with the Department of Justice and, upon the conclusion of the waiting period following compliance with the request, anticipate completion of the transaction in the fourth quarter 2012 calendar year."
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The release is below:
"SAP AG amd Ariba announced that they are responding to a second request for information from the U.S. Department of Justice regarding SAP's pending acquisition of Ariba. The second request is part of the regulatory approval process under the Hart-Scott-Rodino Anti-Trust Improvements Act. SAP and Ariba intend to continue to work with the Department of Justice and, upon the conclusion of the waiting period following compliance with the request, anticipate completion of the transaction in the fourth quarter 2012 calendar year."
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