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 .
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