Oracle takes control of Retek

Owns 92.8% of company; tenders offer for remaining shares

By Martyn Williams

April 6, 2005 12:00 PM ET

Recommended

IDG News Service - Oracle Corp. has assumed control of retail management software vendor Retek Inc. after acquiring about 83% of its outstanding stock, Oracle said today.
Added to the 9.8% of Retek that it already owned, Oracle now owns 92.8% of Retek. The offer for Retek stockholders to tender their shares ended at midnight Eastern time yesterday, Oracle said.
Retek agreed to be acquired by Oracle about two weeks ago in a deal that saw Oracle offering $11.25 per share for its stock. Prior to the agreement, Oracle waged a battle with German software rival SAP AG to acquire Retek, which is based in Minneapolis. It sells a variety of retail-focused applications, including software for operations management, supply chain planning, merchandising and demand forecasting.
With the majority of Retek stock now in its hands, Oracle said it plans to name five people to Retek's board of directors to replace board members who will resign. Three current board members will stay on until the merger is completed, Oracle said.
With the completion of the first tender offer, Oracle has started a second offer that runs from today until Monday .

Reprinted with permission from

IDG.net
Story copyright 2009 International Data Group. All rights reserved.

Recommend Digg Twitter ShareThis

Email Print Send Feedback Reprints

Jump to comments

Business Intelligence

Additional Resources

Xerox

Win a color printer!

By using solid ink technology only from Xerox, you could save up to 65% by printing color for the cost of black and white. Enter for a chance to WIN a PhaserTM 8860 network color printer!

Microsoft

Upgrade to Internet Explorer 8 today.

Save time and mitigate security risk. Deploy it now.

Sybase

NEXT-GENERATION MOBILITY PLATFORMS

In this white paper, IDC analyzes the role of next-generation mobile enterprise platforms as organizations seek a more strategic deployment of mobile solutions.

Learn the important issues you must consider before starting your next mobility initiative. Get your mobility white paper from IDC now, compliments of Sybase.