SAP Completes Tender Offer For SuccessFactors

Published February 16, 2012 8:54PM (EST)

Enterprise software maker SAP AG said Thursday that it completed its tender offer for all the shares of SuccessFactors Inc., paving the way for its acquisition of the software company to close.

The German company said in December that it would buy SuccessFactors, which makes cloud-based human resources applications, for $40 per share, or about $3.4 billion.

As of Wednesday, about 81.7 million shares of San Mateo, Calif.-based company's stock, representing about 95.5 percent of its outstanding shares, had been tendered, SAP said.

Once the deal closes, the remaining shareholders will receive the same $40 per share price that was paid in the tender offer. SuccessFactors will become a subsidiary of SAP America Inc. and it will ask for its shares to be delisted from the stock exchanges that are currently traded on, the companies said.

In late afternoon trading, SAP's U.S. shares rose $1.36, or 2.2 percent, to $64.57, while shares of SuccessFactors rose 6 cents to $40.01.

By Salon Staff

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