Retalix shareholders approve private share sale

SAN FRANCISCO (AP) — Israeli software provider Retalix Ltd. said Monday that its shareholders have approved a private share sale to a group of five investors.

The investors are Boaz Dotan, Eli Gelman, Nehemia Lemelbaum, Avinoam Naor and Mario Segal.

The vote taken at the company's Monday annual meeting showed 68 percent of common shareholders voted, and of those 95 percent approved the deal. The private share sale is expected to be completed in November.

Under the terms of the investment announced last month, the five investors — who already own 3.1 percent of Retalix — will launch a tender offer for up to 7.6 percent of Retalix stock at $9.10 per share. After the tender is completed, the investors will then purchase for between $15.3 million and $32.9 million additional Retalix shares that will leave them with a 20 percent stake in Retalix.

In a separate vote, shareholders rejected a non-equity incentive plan that company had proposed to deal with U.S. tax purposes.

Retalix shares rose 2 cents to $12.49 in midday trading Monday.