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October 11, 2008 11:03:20 PM CDT

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Oracle Drops $6.7B Offer for BEA Buyout

Posted Oct 28, 07 11:51 PM CDT in Technology,  Business 

(Newser) – Software mogul Oracle made good today on its threat to drop a $6.7 billion offer to buy BEA systems, after the latter failed to meet the October 28 deadline. Oracle said BEA shareholders should "not assume" it will renew the offer, though it did not rule out the possibility, either, if shareholders were to force the company's hand, the Financial Times writes.

“If the BEA shareholders are unhappy with the behaviour of the board, it is up to those shareholders, not Oracle, to take the appropriate action,” Oracle wrote. Major BEA shareholder Carl Icahn indicated he will be taking legal action to prevent the company from avoiding a takeover. Oracle also urged Icahn to launch a proxy battle against BEA.

Source Financial Times (UK)

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An exterior view of Oracle headquarters is seen in Redwood City, Calif., Wednesday, Sept. 19, 2007. Oracle Corp. is expected to release quarterly earnings on Thursday, Sept. 20, 2007. (AP Photo/Paul Sakuma)   (Associated Press)
The exterior view of Bea Systems headquarters in San Jose, Calif. is seen Monday, Oct. 15, 2007. With no other suitors stepping forward, business software maker Oracle Corp. is threatening to abandon...   (Associated Press)
Private equity investor Carl Icahn speaks at the World Business Forum on Thursday, Oct. 11, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
Team Oracle's Collaborators stunt flying team fly in a cockeyed formation over the San Francisco Bay during a rehearsal in preparation for a weekend performance, Thursday, Oct. 4, 2007. The team's performance...   (Associated Press)
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mergers and acquisitions  • Carl Icahn  • Oracle  • BEA Systems


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