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US: SAP secures $8.3B booking firm as sole bidder

By  |  October 5, 2014

SAP has reportedly secured an agreement to acquire travel booking and expense solutions company Concur as SAP remained the only bidder for the firm.

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    SAP will buy the company for $8.3 billion after more than two years of planning. Last May, the two companies began formal negotiations for a takeover, SAP said.

    Concur reportedly reached out to several other potential bidders, though reports say none placed a takeover bid. One of those companies was said to be Oracle.

    After increasing its offer two times, SAP has secured a takeover deal. The company announced last month it received a blessing for the deal from American Express Global Business Travel, which holds a 15 percent stake in Concur. The companies have now filed a merger notice with the Securities and Exchange Commission, say reports.

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