NEW YORK (AP) — German business software maker SAP AG said Friday that it has extended its $5.8 billion tender offer for U.S. database software maker Sybase Inc. because the deal hasn't yet been cleared by European regulators.
SAP said the offer of $65 per share, which was scheduled to expire July 1, has now been extended to July 16.
The Walldorf, Germany company said the offer is being extended because certain conditions, like the approval of the European Commission, haven't been satisfied.
SAP notified the EC of the deal on June 16, meaning the initial 25-day working period expires on July 22, unless ended early by the commission.
The buyer said more than 72.5 million of Sybase's almost 87.8 million shares outstanding had been tendered and not withdrawn as of 9 p.m. New York time July 1.
Sybase is headquartered in Dublin, Calif.