Oracle Corp. beat out German rival SAP AG in its bid to buy Retek Inc., reaching an agreement to purchase the retail software maker for about $631 million, Oracle said Tuesday.
The agreement ends a three-week bidding war for the maker of software for the retail sector, as SAP confirmed it would abandon its attempt to buy Retek.
Oracle's winning offer was $11.25 per Retek share, valuing the company's equity at $631 million overall and exceeding SAP's raised bid of $11 per share.
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