Oracle Corp. took the next step in completing its merger with Retek Inc., announcing Wednesday that it purchased enough outstanding shares of the company to assume control of the retail software vendor.
Oracle said stockholders have tendered about 83% of the company's outstanding common stock, or about 47.7 million shares, in the initial offering period that expired late Tuesday. Oracle said it now controls more than 90% of Retek shares.
In March, Oracle beat out SAP in a short bidding war for Retek, agreeing to acquire the retail software maker for about $670 million.
Analysts said SAP, which already produces a retail industry-specific software suite, was successful in driving up the price of Retek.
The bulk of the technology being used by retailers consists of best-of-breed software, according to Robert Garf, an analyst who follows the retail industry for Boston-based AMR Research Inc. SAP and Oracle battled over Retek because of a surge in IT spending in the retail industry resulting from retail consolidation and retailers updating legacy systems.
Oracle said it will appoint five representatives to serve on Retek's board, giving Oracle majority board representation. Three current Retek directors will remain on the Retek board until the merger is completed.
A second offering period for Retek stock, at $11.25 per share, will expire on April 11, Oracle said.