Oracle to Bid $525 Million for Retek
Mar 10, 2005 / By Paul Vallee
Oracle has made Retek Inc. an offer of $9 a share in an effort to prevent rival SAP from purchasing the software firm. Last week Retek announced that it had accepted SAP’s $496 million offer, which amounts to $8.50 per share.
It is unclear what kind of bidding war will ensue over Retek, but Oracle is clearly making moves to stop SAP from increasing their North American market share. Retek, which specializes in applications for the retail industry, had just $174 million in sales last year.