NEWS Oracle has signed a definitive deal to acquire Retek, saying it had defeated rival SAP in its bidding war for the Minneapolis-based retail software maker.
Oracle said it will acquire Retek at a price of $11.25 for each outstanding Retek share and said SAP had dropped out of the bidding.
Oracle CEO Larry Ellison said in a statement: "Oracle has the largest applications business in North America, and we intend to expand that leadership position. Combining Oracle with Retek is an important step in that direction, and it strengthens our position in the retail applications market globally."
The final price matches the offer made by Oracle last Thursday, the same day that SAP had upped its bid to $11 a share. The total value of the deal comes to about $650m.
SAP had announced on 28 February that it had reached a deal to buy Retek in late February for $8.50 a share. Oracle responded on 8 March with a $9 a share bid.
Retek has about 525 workers and had sales last year of $174.2m.
Ina Fried writes for News.com
