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

 |  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.

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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