Sybase shares surge 35% on SAP takeover

09:30, May 13, 2010      

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Shares of U.S. software maker Sybase skyrocketed 54 percent before receding slightly to 57 U.S. dollars, more than 35 percent gain for the day, according to CNN reports Thursday.

German business software giant SAP AG announced Wednesday that it has agreed to buy the software developer for 5.8 billion dollars, in a deal that could intensify the competition between SAP and its key rival Oracle Corp.

The purchase price represents a 44-percent premium over the three-month average stock price of Sybase, which is headquartered in Dublin, the U.S. state of California.

The two companies said that Sybase will operate as a standalone unit under the name "Sybase, an SAP Company" and Sybase's management team will continue to run the business.

The transaction has been unanimously approved by Sybase board of directors and is expected to close in the third quarter.



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