Oracle today confirmed that it has completed its takeover of retail applications firm Retek.
The database giant said that it has control of approximately 94 per cent of Retek's shares, enabling it immediately to complete its acquisition under Delaware company law.
Oracle accepted for purchase 48 million shares of Retek stock in its tender offer for all outstanding Retek shares, which expired on 11 April 2005.
In addition, the database giant purchased a net total of 5.5 million shares of Retek stock in market transactions at prevailing prices prior to launching the tender offer. The merger will be concluded today.
All remaining outstanding Retek shares, other than those held by Retek, Oracle or their respective subsidiaries and stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $11.25 per share in cash.
Oracle president Charles Phillips said that Retek would operate as a separate business unit, the Oracle Retail Global Business Unit, within the database firm.
"By establishing a separate business unit, we will be able to maintain the specialisation of Retek's employee base and quickly go to market in the retail sector," he said.
"Retek's retail solutions will be brought to market along with Oracle's E-Business Suite, Database 10g, Applications Server 10g, and Collaboration Suite."
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