Oracle has assumed control of retail management software vendor Retek after acquiring about 83 percent of its outstanding stock, Oracle said Wednesday.
Added to the 9.8 percent of Retek that Oracle already owned, the result is that Oracle now owns 92.8 percent of Retek, it said in a statement. The offer for Retek stockholders to tender their shares ended at midnight Eastern time Tuesday, Oracle said.
Retek agreed to be acquired by Oracle about two weeks ago in a deal that saw Oracle offering US$11.25 per share for its stock. Prior to the agreement, Oracle waged a battle with German software rival SAP 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 members of Retek's board 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 Wednesday until Monday, April 11, at 5 pm Eastern time.