Oracle vs. SAP

RetekをめぐるオラクルとSAPの戦いは、オラクルの勝ちになったようです。
SAPのCEOは、M&Aにおける財務的な規律を重視して、「これ以上TOB価格を吊り上げて競争をすることは、株主にとっても顧客にとっても利益にならない」とコメントしたそうです。

http://www.cfo.com/article.cfm/3786695
Oracle to Acquire Retek
''Neither our shareholders nor retail customers would benefit from an auction process that would further inflate the purchase price,'' says the chief executive of SAP.
Stephen Taub, CFO.com
March 23, 2005
Oracle Corp. chief executive officer Larry Ellison announced Tuesday that his enterprise software firm will acquire retail-management software maker Retek Inc. for $11.25 per share. Oracle beat out arch-rival SAP, which had offered $11 per share.
（中略）
In prepared remarks, SAP chief executive Henning Kagermann stated that his company intends to exercise financial discipline in merger-and-acquisition transactions. "Neither our shareholders nor retail customers would benefit from an auction process that would further inflate the purchase price, and in the long run, not deliver the returns we demand," said Kagermann.
（後略）