Antsy Oracle Sets BEA Takeover Deadline

Software giant demands action on offer
By Jason Farago,  Newser Staff
Posted Oct 24, 2007 5:04 AM CDT

(Newser) – Software giant Oracle is growing impatient as it attempts to take over BEA Systems, a smaller and fiercely independent tech organization. Oracle offered on Oct. 9 to buy BEA for $6.7 billion, or $17 a share, which BEA considers too low. But the company hasn't  formally rejected the offer, and now Oracle has issued an ultimatum: sign by Sunday or the deal is off, reports the Wall Street Journal.

BEA Systems, a California-based company that produces middleware, the technology that facilitates communication among disparate software programs, has rebuffed Oracle several times before, and its CEO remains committed to independence. But since August investor Carl Icahn has bought up stock to become BEA's largest shareholder, and he's pressuring BEA to sell. If Oracle's deal expires, shareholders could revolt or even sue.