Oracle Corporation will make a cash tender offer to purchase all of the outstanding shares of Retek Inc. at $9 per share. On Monday and Tuesday of this week, Oracle purchased 5.5 million shares of Retek common stock, representing nearly 10 percent of total shares outstanding.
Oracle and Retek have been partners since 1986, providing systems to many of the world's largest retailers, and in October 2004, Oracle and Retek began discussions about combining the two companies. Most of Retek's applications have been built on Oracle's technology platform using Oracle's development tools, and approximately 80 percent of Retek's customers currently run Oracle's infrastructure software. Oracle and Retek share a vision of the future based on the Java language and other industry standards.
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