Oracle lifts its offer for Retek

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Friday March 18, 08:25

Oracle lifts its offer for Retek

(by Olivia Cohen)

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Oracle Corp. announced Thursday it lifts its takeover bid for Retek, the US retail automation software maker, against the sweetened offer from SAP.

Oracle raised its counterbid by 25% $11.25 a share that values the deal at $631.4 million. "Our North American applications business is larger than SAP’s. We intend to defend our number one position," the company said in a statement. It also said it had already purchased as many as 5.5 million shares of Retek common stock which amounts for 10% of shares outstanding.

On Thursday, SAP sweetened its offer for Retek by 29% to about $629 million. SAP’s new offer means that Retek would pay a termination fee of $25 million, up from a previous $15 million, to avoid the deal.

SAP’s bid increase did not surprise market analysts. "My personal gut feeling is that this could be the last offer from SAP as it’s already quite expensive," said Sven Kuerten, an analyst with Frankfurt-based Bankhaus Metzler Seel Sohn & Co.

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