WALLDORF (dpa-AFX) - SAP AG (SAP) announced that the Superior Court of Alameda County, California USA has granted preliminary approval to a settlement of class action litigation arising out of the July 2010 acquisition of Sybase, Inc. by SAP's subsidiary, SAP America Inc.
The company said that certain plaintiffs in the lawsuits claimed that the price paid to Sybase shareholders in the tender offer was too low and that the information disclosed to Sybase shareholders was insufficient.
The settlement affects the rights of persons who held Sybase, Inc. common stock between May 12, 2010, and July 29, 2010. As per the terms of the settlement, investors were provided additional disclosures concerning the transaction; Class Members will release their claims relating to the transaction; and the defendants agreed not to oppose a request for attorney's fees by plaintiffs' counsel in an amount not exceeding $1.08 million, with the court ultimately deciding what amount to award to plaintiffs' counsel.
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