Bully Oracle beats SAP to Retek
And for just $670m
Oracle will complete its showy acquisition of retail software maker Retek on Tuesday, beating out rival SAP.
Oracle currently holds 94 per cent of Retek's outstanding shares, giving it enough clout to close the acquisition, it said on Monday. All of the remaining shareholders will be offered $11.25 per share in cash tomorrow.
"With our acquisition of Retek complete, Oracle is poised to provide retailers with an unparalleled partner for information technology solutions," said Charles Phillips, president at Oracle.
Oracle shelled out $670m for the company, or $11.25 per share. SAP originally offered $8.50 per share for Retek, was outbid by Oracle and raised its target to $11 per share only to be outbid by Oracle again.
Oracle has created a Retail Global Business Unit for the Retek assets.
"By establishing a separate business unit, we will be able to maintain the specialization of Retek's employee base and quickly go to market in the retail sector," Phillips said.
There will be a customer "town hall" meeting held on 15 April. A link to a webcast of the event will be posted here. ®
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