SAP Raises Retek Offer
It bids $11 a share for the retail-industry software provider.
SAP
(SAP) - Get Report
raised its takeover offer by 29% to $11 a share Thursday for retail-industry software provider
Retek
(RETK)
.
Retek recommended that shareholders take the money.
SAP boosted its bid from $8.50. The new offer, a response to a $9-a-share overture made by
Oracle
(ORCL) - Get Report
, values Retek at $617 million.
Retek's board said it "unanimously recommends to Retek stockholders that they accept the revised SAP offer," noting that it's 22% above Oracle's March 8 offer and represents a premium of about 5% over Retek's closing price on March 16, 2005.
Retek's shares added $1.21, or 11.5%, to $11.73 in early trading. SAP was up 4 cents to $40.31, and Oracle gained 7 cents to $13.09.
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