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SAP, Oracle increase bids
http://www.sina.com.cn 2005/03/22 17:01  Shanghai Daily

  Business software makers Oracle Corp and SAP AG intensified their takeover tug-of-war for retail software maker Retek Inc as they progressively raised the stakes with higher bids.

  Oracle finished on Thursday with the higher offer at US$11.25 per share, trumping SAP's US$11-per-share bid from earlier. Oracle raised the stakes even after Retek's board unanimously accepted SAP's offer.

  SAP spokesman Markus Berner declined to comment yesterday on Oracle's sweetened bid. The Germany-based company first thought it had acquired Minneapolis-based Retek for US$8.50 per share two weeks ago, but then Oracle offered US$9 per share.

  Oracle valued its latest all-cash bid at US$669 million, nearly twice Retek's market value before the auction began. SAP's current bid is worth US$654 million, based on the number of outstanding Retek shares.

  Investors had been anticipating an even higher offer from Oracle.

  AMR Research analyst Bruce Richardson said he won't be surprised if SAP and Oracle swap bids for a while longer.

  If it prevails, Oracle will be on the hook for more than just the sales price. As part of its new deal with Retek, SAP raised the break-up fee to US$25 million, up from US$15 million previously. Retek would likely require Oracle to pay the fee.

  The gamesmanship involves the world's two leading makers of business applications software - the computer coding that automates a wide range of administrative tasks. SAP has long been the industry leader, but Oracle closed the gap two months ago by buying PeopleSoft Inc for US$10.3 billion after a battle that dragged on for 18 months.

  Separately, Oracle Corp Chief Financial Officer Harry You is leaving the firm after just eight months, creating a key void as the business software maker continues to digest its US$10.3 billion acquisition of PeopleSoft Inc.

  The company announced You's unexpected departure late on Thursday after the stock market closed.

  You is leaving Oracle to become chief executive of Virginia-based BearingPoint Inc, a major industry consultant. Before joining Oracle, You spent three years as CFO of another large consulting firm, Accenture Ltd.

  (The Associated Press)




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