As the second half of 2010 opened and the week leading up to America’s birthday closed, industry observers were treated to a flurry of merger and acquisition activity among vendors of manufacturing software and other automation technology.
SAP’s high-profile acquisition of enterprise mobility and database specialist Sybase has been dealt a hiccup, as the software maker said Friday it has extended its tender offer for all of Sybase’s outstanding shares while SAP awaits approval of the deal from the European Commission. Originally scheduled to close on July 1, the tender offer will now last until at least July 16, SAP said in a statement.
“The tender offer is being extended because certain conditions to the tender offer are not yet satisfied, including approval of the European Commission under European Union merger regulations,” the statement read. SAP officially informed the commission of the proposed takeover on June 16; a 25-day working review of the deal is slated to conclude July 22. So far, Sybase’s investors have tendered more than 72 million of the nearly 88 million shares of the company’s common stock outstanding, at $65 each, according to the terms of the acquisition agreement.
Meanwhile, in the manufacturing automation market, the bidding war between Emerson Electric and ABB for control of UPS maker Chloride officially ended today, as Chloride’s board endorsed a $1.51 billion takeover bid by Emerson, the company’s third. ABB conceded the fight on Thursday, with CEO Joe Hogan saying in a statement, “While we still see considerable value in the combination of ABB and Chloride and have a high regard for the Chloride management team, we must take a disciplined approach when assessing potential acquisitions.”