The combination of the tendered shares plus Oracle’s own 9.8% stock stake means Oracle now controls approximately 92.8% of Retek’s outstanding stock. It has extended the tender deadline to April 11 for the remaining shares.
It is also cementing its ownership by designating five people to serve on the Retek board of directors, to replace existing directors who will resign when the merger is completed, a move that will give it a majority on the board.
Oracle anticipates completion of the acquisition shortly after the April 11 deadline expires.
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