Oracle Takes Control of Retek

 
 
By Lisa Vaas  |  Posted 2005-04-06 Email Print this article Print
 
 
 
 
 
 
 

Oracle has taken control of the retail software maker after 83 percent of shareholders tendered outstanding stock.

Oracle has taken control of Retek after 83 percent of shareholders tendered outstanding stock, the company announced Tuesday. Oracle Corp. announced its intentions to buy Retek Inc., a retail software developer largely considered to be the leader in its industry, a month ago.
It was a slap in the face to Oracles bitter rival, SAP AG, which had announced in February its own intention to buy Retek.
A three-week bidding war ensued. Just as it had with PeopleSoft a few months prior, Oracle prevailed, sealing the deal with its final offer of $631 million. Retek develops software that enables automation from the point of purchase through the retail supply chain and supports retailer activities such as merchandise operations management, supply chain management, and merchandise planning and optimization. Oracle, of Redwood Shores, Calif., now controls a total of 92.8 percent of Retek shares.
Given a choice between Oracle and SAP, the Aberdeen Group says, Oracle is the best choice for control of Retek. Click here to read more. The initial offering period of Oracles tender offer to purchase all of the outstanding shares of common stock expired at midnight EDT on Tuesday. Oracle has accepted for payment the approximately 47,690,333 shares tendered in the offer. Oracle announced a subsequent offering period commencing on Wednesday that expires on Monday at 5 p.m. EDT. Oracle will designate five representatives to serve on Retek s board of directors to replace Retek board members who will resign, giving Oracle majority board representation. Three of the current Retek board members will remain on the Retek board until the merger between the companies is completed. Oracle expects to complete the second-step merger shortly after expiration of the subsequent offering period. The subsequent offering period will permit all stockholders who did not tender shares in the initial offering period to obtain the $11.25 per share offer price for their shares prior to consummation of the second-step merger. Check out eWEEK.coms for the latest database news, reviews and analysis.
 
 
 
 
Lisa Vaas is News Editor/Operations for eWEEK.com and also serves as editor of the Database topic center. Since 1995, she has also been a Webcast news show anchorperson and a reporter covering the IT industry. She has focused on customer relationship management technology, IT salaries and careers, effects of the H1-B visa on the technology workforce, wireless technology, security, and, most recently, databases and the technologies that touch upon them. Her articles have appeared in eWEEK's print edition, on eWEEK.com, and in the startup IT magazine PC Connection. Prior to becoming a journalist, Vaas experienced an array of eye-opening careers, including driving a cab in Boston, photographing cranky babies in shopping malls, selling cameras, typography and computer training. She stopped a hair short of finishing an M.A. in English at the University of Massachusetts in Boston. She earned a B.S. in Communications from Emerson College. She runs two open-mic reading series in Boston and currently keeps bees in her home in Mashpee, Mass.
 
 
 
 
 
 
 

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