By acquiring the slightly more than 5% of SAP SI shares it doesn’t already own, the German software giant hopes to fold the integrator into its internal consulting operation.
SAP currently owns slightly fewer than 95% of all SAP SI shares. The 95% mark is the exact level of ownership needed for a squeeze-out of remaining shareholders under German law.
Since it published its offer of $46.12 (39.30 Euros) per share on November 15, SAP has acquired another 0.45% or so of total shares. In a statement, SAP CEO Henning Kagerman said he expects the company to hold more than 95% of the stock when the offer expires and possibly sooner.
Although SAP SI management previously rejected the bid as too low, the company has now given the offer a favorable recommendation after an independent assessment from an accounting firm found the offer price to be attractive. However, until a squeeze-out, it is still up to individual shareholders whether or nor to accept SAP’s offer, the SAP SI boards said.
