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Friday, September 19, 2014

CORRECTED-SAP agrees to purchase expense software maker Concur for $7.3 bln, (NASDAQ: CNQR)

German business software maker SAP said on Thursday it has agreed to acquire U.S.-based expense management software maker Concur Technologies Inc in a cash deal valued at $7.3 billion.SAP said in a statement it would offer $129 per share, a 20 percent premium over the Sept. 17 closing price.Based on 57 million outstanding shares, the offer for Bellevue, Washington-based Concur is valued at $7.3 billion. Including debt, the offer represents an enterprise value of about $8.3 billion, SAP said.The Concur board of directors has unanimously approved the transaction, which is expected to close in the fourth quarter of 2014 or the first quarter 2015, subject to shareholder and regulatory approvals, SAP said.

Concur Technologies, Inc. (Concur) is a provider of integrated travel and expense management solutions for companies of all industries, sizes, and geographies. Shares of CNQR traded higher by 0.31% or $0.33/share to $107.80. In the past year, the shares have traded as low as $74.43 and as high as $130.39. On average, 551823 shares of CNQR exchange hands on a given day and today's volume is recorded at 550894.