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Sybase recovers after share slump

Shares in database vendor Sybase climbed nearly five per cent yesterday - showing signs of recovery after slumping on Tuesday, which came on the back of the company's purchase of middleware vendor Neon.

By Chris Holbrook

Published: 1 March 2001 12:52 GMT

Sybase shares closed at $19.63 on the Nasdaq after plunging up to 21 per cent in the wake of Tuesday's announcement. Sybase agreed a share swap deal worth $373m for Neon.

Sybase has recently felt the squeeze from database market rivals IBM, Oracle and Microsoft and it hopes branching out through the Neon purchase will enable it to find a sector in which it establish itself.

In statement, John Chen, chairman, president and CEO of Sybase, said: "With Neon, Sybase will be able to capitalise on the most important segment of the ebusiness marketplace, one that necessitates the integration of existing applications with new ebusiness applications. With this, Sybase can join the top-echelon of ebusiness infrastructure providers."

Merrill Lynch raised its investment ratings on Sybase yesterday to mid to long-term buy from a rating of accumulate after the stock slide.

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