Tibco Shares Soar After Report On Possible Buyout

NEW YORK (AP) —Shares of Tibco Software Inc. soared Monday to hit a 52-week high following a report over the weekend that the company was in talks to be acquired by German software company SAP AG.

A German weekly, WirtschaftsWoche, said on Aug. 8 the companies were in very advanced talks regarding a buyout.

Representatives for Tibco could not immediately be reached for comment Monday.

SAP spokesman Andy Kendzie said it is SAP's policy not to comment on market rumors or speculation.

Palo Alto, Calif.-based Tibco's shares rose $1.13, or 13 percent, to $9.60 in afternoon trading. Earlier, the stock hit a 52-week high of $9.87.

American depositary shares of SAP fell 22 cents to $47.17.