Oracle Announces Acquisition of Retek
March 21 2005 - 11:15PM
PR Newswire (US)
Oracle Announces Acquisition of Retek SAP Drops Out of Bidding
REDWOOD SHORES, Calif., March 22 /PRNewswire-FirstCall/ -- Oracle
Corporation (NASDAQ:ORCL) and Retek Inc. (NASDAQ:RETK) announced
that they 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. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO ) "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. Oracle is the world's
largest enterprise software company. For more information about
Oracle, including supplemental financial information, please call
Investor Relations at 650-506-4073 or visit Oracle on the web at
http://www.oracle.com/investor. THIS PRESS RELEASE IS FOR
INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE
SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND
THE OFFER TO BUY RETEK'S COMMON STOCK WILL ONLY BE MADE PURSUANT TO
AN OFFER TO PURCHASE AND RELATED MATERIALS THAT ORACLE CORPORATION
FILED ON MARCH 9, 2005, AS AMENDED. STOCKHOLDERS SHOULD READ THESE
MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION,
INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS MAY
OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO
THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM
ORACLE CORPORATION.
http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO
http://photoarchive.ap.org/ DATASOURCE: Oracle Corporation CONTACT:
Jeff Lettes, Oracle Corporate Communications, +1-650-506-9564, or ;
or Al Galgano of Retek Inc., +1-612-587-2485, or Web site:
http://www.oracle.com/
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