Ariba Shareholders Approve SAP's Proposed $4.3 Billion Buyout12:11 PM EST Thu. Aug. 30, 2012
Ariba shareholders have given their blessing to SAP's proposed $4.3 billion acquisition of the developer of cloud-based business commerce software.
Following the shareholder vote Wednesday SAP said it anticipates winning regulatory approval for the deal and completing the acquisition in the fourth quarter of calendar 2012.
SAP and Ariba revealed the acquisition agreement in May under which SAP is paying $45 per share for Sunnyvale, Calif.-based Ariba. SAP said adding Ariba's business-to-business commerce applications to its product lineup would help it expand into B2B commerce networking markets.
At the time of the announcement SAP said it hoped to close the acquisition in the third quarter. In July the U.S. Department of Justice, which reviews proposed acquisitions and mergers to ensure compliance with antitrust laws, requested additional information about the deal.
SAP is striving to expand beyond its traditional on-premise ERP application roots. Earlier this year the company completed its $3.4 billion buyout of SuccessFactors, a supplier of cloud-based human capital management applications.
PUBLISHED AUG. 30, 2012