Stacy Cowley and John Blau

SAP AG showed its determination to hold on to buyout target Retek Inc., offering a new bid of US$11 cash per share on Thursday, topping Oracle's Corp.'s $9 per share offer. Minneapolis-based Retek has accepted the amended offer, SAP and Retek said in a joint press release. The new deal represents a 29 percent premium over SAP's first offer, and an 86 percent premium on Retek's closing share price the day before SAP announced its deal to acquire the company.