SAP Commences Previously Announced Cash Tender Offer to Acquire SuccessFactors, Inc.
SAP AG (NYSE: SAP), through a wholly-owned subsidiary, is commencing today its previously announced all cash tender offer to acquire all outstanding shares of common stock of SuccessFactors, Inc. (NYSE: SFSF) for $40.00 per share, without interest and less any applicable withholding taxes. 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 (the "Merger Agreement"). SAP and SuccessFactors first announced this transaction on December 3, 2011.
The tender offer and any withdrawal rights to which SuccessFactors' stockholders may be entitled will expire at 5:00 p.m. EST on January 18, 2012, unless the tender offer is extended in accordance with the Merger Agreement. Following completion of the tender offer and, if required, receipt of stockholder approval, SAP expects to consummate a merger in which remaining SuccessFactors stockholders will receive the same cash price per share as paid in the tender offer. Following the merger, SuccessFactors will become an indirectly wholly-owned subsidiary of SAP.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.