No comment on Retek acquisition until the lawyers had their say
vnunet.com, 11 Mar 2005
German enterprise software maker SAP is patiently awaiting a formal notification from Retek before the company responds to Oracle's counter offer, the company's chairman and chief executive Henning Kagermann said during a press conference at CeBIT.
Kagermann explained that "the retail vertical is important for us." SAP currently sells its software to retail customers, but the chairman typified performance of the segment as good but not exceptional.
SAP last month brokered a deal with Retek of Minneapolis. SAP offered to pay a total of $496m, or $8.50 per share, for the maker of enterprise software that targets retailers.
On Tuesday Oracle revealed a competing offer of $9 per share, totalling $504m. The database vendor claims that it offers a better alternative for Retek customers and investors.
Oracle has build up a 10 per cent stake in Retek. SAP declined to disclose the amount of stock that Retek shareholders have so far offered to the company.
Oracle and SAP are engaged in a fierce battle over the position of largest enterprise software maker in the world. SAP currently has the lead, but Oracle has caught up significantly since it acquired PeopleSoft last January.
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