Oracle Corporation clearly doesn’t want Retek to fall into the hands of its competitor SAP. Just yesterday, it raised its cash tender offer to purchase all of the outstanding shares of Retek to $11.25 per share.
Earlier in the week, SAP’s North American subsidiary, SAP
Oracle had already purchased 5.5 million shares of Retek common stock, representing nearly 10% of total shares outstanding.
“Customers have told us they want Oracle to buy Retek. Retek’s applications are built on Oracle’s technology platform. And Retek and Oracle share a vision of applications built using industry standards like Java, not proprietary programming languages like SAP’s ABAP,” said Oracle CEO Larry Ellison.