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Oracle Drops $6.7B Offer for BEA Buyout

Software giant says renewal not impossible, but highly unlikely

By Zach Samalin,  Newser Staff

Posted Oct 28, 2007 11:51 PM CDT
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(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.

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)
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 its $6.7 billion bid for BEA Systems Inc. unless its smaller rival accepts the offer by Sunday...
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)
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 is part of the festivities for San Francisco Fleet Week. (AP Photo/Marcio Jose Sanchez)
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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Icahn threatens BEA over lapsed Oracle offer
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All eyes on Icahn, as Oracle deadline passes
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Carl Icahn • mergers and acquisitions • Oracle • BEA Systems

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