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Oracle Outbids SAP For Retek
By WebProNews
Staff Writer
Article Date: 2005-03-22
Oracle and Retek announced a merger agreement with Oracle acquiring Retek for $11.25 a share. Initially, both Oracle and SAP were competing for the rights to Retek. SAP has since dropped out of the bidding.
"Oracle has the largest applications business in North America, and we intend to expand that leadership position," said Oracle CEO Larry Ellison. "Combining Oracle with Retek is an important step in that direction, and it strengthens our position in the retail applications market globally."
Retek develops software solutions for retailers of all flavors. The acquisition continues a relationship, which has been growing since 1986. A large number of Retek's customer base utilizes Oracle's database solutions for business purposes.
"We believe that Oracle's offer is a good deal for Retek stockholders, and all directors in attendance at our board meeting have recommended that it be accepted," said Marty Leestma, President and Chief Executive Officer of Retek. "We will work with Oracle over the next several weeks to ensure that the integration is not disruptive for our clients and employees."
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