Brief: SAP-Retek waiting period over |
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By SearchSAP.com
16 Mar 2005 | SearchSAP.com |
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SAP said it received a notice from the Federal Trade Commission terminating the waiting period relating to the company's offer to acquire Retek Inc., according to a filing with the Securities and Exchange Commission.
The waiting period was part of the U.S. government's antitrust review of SAP's proposed acquisition of Retek under the Hart-Scott-Rodino law.
Minneapolis-based Retek, a developer of software programs used in the retail industry, agreed to be acquired by SAP for about $496 million, or $8.50 per share.
Redwood Shores, Calif.-based Oracle, offered a counter bid for Retek last week, offering $9 per share for the company. Oracle is hoping to persuade Retek to reconsider SAP's offer.
SAP has said it needs to wait for Retek's board of directors to respond to Oracle's offer before it can decide to proceed with a higher offer. It is still unclear whether the two companies will enter into a bidding war for the software vendor.
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