(Updates with lawsuit claims in second paragraph.)
June 6 (Bloomberg) -- SAP AG, the largest maker of business management software, said it won a California court’s approval of a settlement of a group lawsuit over its $5.8 billion acquisition of Sybase Inc. last year.
SAP disclosed the Alameda County court’s approval today in a statement distributed by PR Newswire. The investors’ lawsuit claimed the price SAP paid to Sybase shareholders was too low and that information about the acquisition was “insufficient,” according to the statement.
Under the settlement, investors were given additional disclosures about the acquisition, according to the statement. A settlement amount wasn’t disclosed. SAP said the settlement applies to investors who held Sybase shares between May 12 and July 29, 2010.
SAP acquired Sybase, a maker of database and mobile- computing software, to add products that help corporate customers run applications on mobile devices. SAP, based in Walldorf, Germany, has made only two large acquisitions in its 39-year history: Sybase and business-intelligence company Business Objects for 4.8 billion euros in 2007.
SAP spokesman Andy Kendzie didn’t immediately return a call and e-mail seeking comment.
The case is Casey v. Sybase, RG1O5 15026, Alameda County Superior Court (Oakland).
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