Menu
Sybase shareholder sues to block SAP suit

Sybase shareholder sues to block SAP suit

The shareholder claims SAP's $5.8 billion offer is too low

A Sybase shareholder has filed suit to block the sale of the company to applications vendor SAP, saying the US$5.8 billion sale price isn't fair, according to documents filed Monday in the U.S. District Court for the Northern District of California.

The suit was brought by shareholder Stephen Alberti of New York and seeks class-action status.

SAP and Sybase's merger agreement includes a number of terms that "will operate as deterrents to other potential bidders, ensuring that SAP acquires the company," according to the suit. Speculation has swirled in recent days that Hewlett-Packard may be interested in making a bid for Sybase.

Some observers have said SAP may in fact be overpaying for the company in order to fend off potential counteroffers, but Alberti's suit maintains that the price was too low, and that executives "engaged in a scheme to benefit themselves at the expense of Sybase shareholders."

The suit names Sybase, SAP and a number of executives as defendants, including Sybase CEO John Chen. Both SAP and Sybase declined comment.

Other class action suits tied to the pending deal may arise. Also Tuesday, the U.S. law firm of Finkelstein Thompson announced it is "investigating potential claims" on behalf of Sybase shareholders.

The firm's announcement also stated that the merger agreement contains a clause "prohibiting [Sybase's board ] from discussing or seeking any superior proposals."

Meanwhile, the SAP-Sybase deal remains subject to shareholder and regulatory approvals. An SAP spokesman said the company expects to complete the transaction sometime in the third quarter.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments