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  Thursday, October 22, 2020
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Oracle has won the bidding to acquire retail-management application vendor Retek Inc
Early Tuesday morning, Oracle issued a statement saying it had signed a definitive merger agreement with Retek under which it will pay $11.25 per share of Retek stock or about $630 million to acquire the company. SAP issued its own statement early Tuesday saying that it would not increase its "best-and-final" offer of $11 per share and that Retek had subsequently terminated the merger agreement between the two companies. Oracle's statement also said that SAP, which had struck a deal last month to acquire Retek for $8.50 per share, had dropped out of the bidding for the software vendor. Although Retek had urged shareholders to accept SAP's offers, up to and including its final $11-per-share bid, Oracle's subsequent $11.25-per-share offer was apparently too good to pass up. "We believe that Oracle's offer is a good deal for Retek shareholders, and all directors in attendance at our board meeting have recommended that it be accepted," said Marty Leestma, Retek president and CEO, in the Oracle statement. "We will work with Oracle over the next several weeks to ensure that the integration is not disruptive for our clients and employees," he said. Information about when Oracle and Retek expect to complete the acquisition and how Retek's operations would be combined with Oracle was not immediately available, reports the Information Week. According to the San Francisco Business Journal, the dueling bids were similar to the opening moves of Oracle's protracted battle for Pleasanton's PeopleSoft Inc. The bid for PeopleSoft was seen by some observers as an attempt to scuttle a proposed merger between PeopleSoft and J.D. Edwards. That merger did take place in 2003, and Oracle went on to take over PeopleSoft in December after an 18-month struggle. Oracle's original bid for Retek was $9 per share. Oracle already held 5.5 million Retek shares, nearly 10 percent of the company's outstanding shares. Oracle said it and Retek "have been partners since 1986, providing systems to many of the world's largest retailers." The two began talks about combining the two companies in October
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