Upping the ante

News

SAP America has increased its tender offer price for Retek to $11.00 per share, fighting off an earlier bid by competitor Oracle.

’s North American subsidiary, SAP

, has increased its tender offer price for Retek to $11.00 per share, fighting off an earlier bid by competitor

. In turn, the board of directors of Retek has unanimously recommended to Retek stockholders that they accept the revised SAP offer.

The revised offer represents a 29% premium over SAP America’s original offer on February 28, 2005, a premium of 22% over the Oracle proposal announced on March 8, 2005 and a premium of approximately 5% over Retek’s closing price on March 16, 2005.

SAP America and Retek have signed an amendment to the merger agreement, modifying the offer price from $8.50 to $11.00. In addition, under the amended merger agreement the termination fee has been increased from $15 million to $25 million.

Headquartered in Minneapolis, MN, Retek provides an integrated retail application suite to more than 200 customers in more than 20 countries around the world. With 2004 annual revenue of $174.2 million and approximately 525 employees, Retek also has offices in Atlanta, London and Melbourne.

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