Oracle and Retek Sign Merger Agreement
Oracle and Retek have signed a definitive merger agreement under which Oracle will acquire Retek at a price of $11.25 for each outstanding Retek share.
SAP has dropped out of the bidding.
“Oracle has the largest applications business in North America, and we intend to expand that leadership position,” said Oracle CEO Larry Ellison. “Combining Oracle with Retek is an important step in that direction, and it strengthens our position in the retail applications market globally.”
“Most Retek customers already run Oracle’s financial and human resources applications, so Oracle buying Retek is a perfect fit for the retail industry,” said Retek customer and Best Buy CIO, Bob Willet.
“We believe that Oracle’s offer is a good deal for Retek stockholders, and all directors in attendance at our board meeting have recommended that it be accepted,” said Marty Leestma, President and Chief Executive Officer of Retek. “We will work with Oracle over the next several weeks to ensure that the integration is not disruptive for our clients and employees.”
Oracle and Retek have enjoyed a strong partnership since Retek was founded in 1986. Retek’s products have been developed on Oracle’s technology platform using Oracle’s development tools. Nearly 80 percent of Retek’s customers run their Retek applications on the Oracle database.
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