The reason, said SAP in a statement, is because some conditions in the tender offer aren’t yet completed. That includes approval of the European Commission – the offer is subject to merger regulations.
There’s a working day review period under these regulations – meaning that July 22nd is the date the EC can register its objections, if any.
If things aren’t sorted out by July 16th, it’s likely SAP will extend the offer again.
* EyeSee SAP stands for Systeme, Anwendungen und Produkte in der Datenverarbeitung – which in English stands for Systems, Applications and Products in IT.