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Financial News Network
May 23, 2012 AT 11:02 AM
Breaking news at the end of the trading day today, German software company SAP will be acquiring Ariba Inc. for $4.3 billion in cash or $45 a share.The offer represents a 20% premium over Ariba's closing price on Monday. The transaction is expected to close during the third quarter, pending approval by Ariba shareholders. To pay for the company, SAP will be using free cash as well as a 2.4 billion euro term loan facility.After the announcement, Ariba jumped in price on the New York Stock Exchange, closing up over 19% to $44.87.