Oracle Beats SAP to Buy Retek for $670M

Oracle has reached a deal with Retek to purchase the retail software business for approximately $670 million, or $11.25 per share. This puts an end to the recent bidding war between Oracle and rival SAP.

Henning Kagerman, chief executive of SAP, announced that SAP was dropping out of the bidding because “neither our shareholders nor retail customers would benefit from an auction process that would further inflate the purchase price, and in the long run, not deliver the returns we demand.