Software maker Retalix plans to sell stake; founder who is CEO to retire at year’s endBy AP
Thursday, September 3, 2009
Investor group to take 20 percent stake in Retalix
RA’ANANA, Israel — Software maker Retalix Ltd. said Thursday it will sell a 20 percent stake in the company to a group of investors.
The Israeli company, which makes software for retailers and distributors, will tender about 7.6 percent of its outstanding shares in a private sale to the investors, who are founders of Amdocs Ltd.
The tender offer was priced at $9.10 per share.
Immediately after the tender offer is wrapped up, the company will issue and sell ordinary shares at $9.10 each to the investors to give them a 20 percent stake.
The investors will also get three tranches of warrants to buy up to 1.25 million shares at exercise prices of $9.75, $11.10 and $12.10 per share. The shares underlying the warrants would represent about 5.7 percent of Retalix’s outstanding shares.
Also, Retalix said CEO and founder Barry Shaked, who has been in charge since 1982, will retire at the end of the year.
Along with the share sale, Shaked and fellow founder Brian Cooper will also sell large stakes of their own holdings.
Retalix shares rose 21 cents to $9.51 in afternoon trading.