The board of BEA Systems responded to a time-sensitive takeover offer from Oracle today, valuing itself at $8.2 billion—fully $1.5 billion more than the database giant's bid. Oracle’s $17-a-share offer, now two weeks old, will expire on Sunday evening if BEA doesn’t act on it. But the fiercely independent middleware company says a sale at that figure simply isn’t in its “best interests,” the Journal reports.
BEA's self-valuation of $21 a share comes after consultation with Goldman Sachs; the board said the number should be favorable for a buyer. The courted company makes products that act as technical middlemen, helping databases communicate with traders, managers and billing programs. Pressure to sell has come from aggressive shareholders, including activist investor Carl Icahn.