Oracle Takes Control of Retek
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,
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.
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.
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