Date Closed

January 29, 2008

Lead Office

Toronto

Value

509.00 Million USD

On January 15, 2008, SAP, the world's leading provider of business software, announced the successful all-cash tender offers for Business Objects S.A. securities, the world's leading business intelligence software company. This acquisition joins together two of the information technology industry leaders. As of February 8, 2008, SAP held 95.49% of the outstanding Business Objects share capital. Consequently, SAP France asked the French Autorité des marchés financiers to implement a squeeze-out of the remaining shares and ORNANEs held by minority shareholders. The squeeze-out was implemented on February 18, 2008.

McCarthy Tétrault LLP advised SAP on Canadian regulatory aspects of the transaction with a team led by Randal Hughes.