Investors had largely expected Oracle to increase its, after . Retek, in announcing SAP's increased offer, asked its shareholders to accept the bid.
But shares of Retek continued to climb throughout the day, closing at $11.65 during the regular session, up nearly 11 percent from the previous day.
In addressing its latest bid, Oracle CEO Larry Ellison said in a statement: "We intend to defend our No. 1 position (in North America). Customers have told us they want Oracle to buy Retek."
With Retek's shares trading at a premium above Oracle's latest offer, it remains to be seen whether SAP will up the ante again or walk away.
Analysts have previously said they believe SAP and Oracle are capable of indulging in high premiums for Retek, given that they view the company as a.