REDWOOD SHORES, California - Oracle Corporation said Friday it obtained clearance from US regulators for its bid for rival business software maker Retek.
Oracle, in a bidding war with Germany's SAP, said the US Department of Justice indicated it would not attempt to block its bid on antitrust grounds
"We have received word from the US regulatory authorities that the Oracle acquisition of Retek has received early termination, clearing the way for Oracle to move forward with the transaction," said Jeff Lettes, Oracle spokesman.
Oracle's late Thursday boosted its offer for Retek to 11.25 dollars a share, valuing the company at around 630 million dollars. The Silicon Valley group was seeking to trump the offer made this week by SAP of 11 dollars a share.
Based in Minneapolis, Minnesota, Retek has annual sales of 174.2 million dollars and employs a workforce of 525 worldwide. It specializes in software for retailers.
03/18/2005 20:36 GMT