(Sybase acquisition story updated with SAP's announcement confirming the deal.)
NEW YORK (
(SAP - Get Report) struck a deal to acquire
(SY) for $5.8 billion Wednesday.
In a press release, SAP said it will offer $65 a share for Sybase, 44% more than the stock's average price over the last three months.
Sybase shares continued to skyrocket in after-hours trading Wednesday, adding nearly 15% to $56.14 after closing the regular session up 35%, a rise fueled by a
Bloomberg report that an acquisition was in the works.
SAP said it will use cash and loans arranged by
(DB) to finance the acquistion, yet another sign that the M&A market is coming back to life.
(ORCL - Get Report)
, a competitor to both Sybase and SAP, have fallen 0.6% to $24.46 in after-hours trading.
Meanwhile, SAP is down 2% at $44.
-- Reported by Andrea Tse in New York; Scott Eden contributed to this report
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