Deutsche Boerse extends SimCorp offer as it awaits EU regulators

Deutsche Boerse said on Friday that it was extending an offer period to shareholders for its takeover of the Danish investment management software company SimCorp as it awaits European Union regulatory approval.

The extension – to August 3 from an original July 13, with a warning of an additional extension beyond that – could mean a slight delay in the closing of the 3.9 billion euro ($4.25 billion) deal.

The German exchange operator had initially hoped to complete the takeover in the third quarter, but it said on Friday that it may only get final regulatory approval by the end of that quarter.

Management at Deutsche Boerse (ETR:DB1Gn) has touted the acquisition announced in April as key to its future strategy, combining SimCorp’s investment management software with Deutsche Boerse’s data.

“The chemistry is right,” Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May.

SimCorp’s board and management have also backed the deal. Deutsche Boerse hopes to take “significantly” more than 50% of the company.

Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy.

“The remaining filing process with the EU commission is on track,” Deutsche Boerse said.

($1 = 0.9184 euros)

Deutsche Boerse extends SimCorp offer as it awaits EU regulators