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Oracle Wins BEA With Sweetened $8.5B Bid
Deal for business software maker closes after Ellison bumps price
By Jim O'Neill
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Posted Jan 16, 08 7:51 AM CST
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(Newser)
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Business software maker Oracle continued its yearlong buying spree, closing a contentious deal with middleware maker BEA Systems after raising its offer to $8.5 billion, or $19.38 a share, Bloomberg reports. In October, Oracle offered BEA $6.7 billion, or $17 per share, and was rejected. Instead BEA, one of the Silicon Valley's last midsize independents, demanded what Oracle termed an "impossibly high" $21.
Oracle CEO Larry Ellison said the deal will “enhance and extend Oracle’s Fusion middleware software suite.” The sale is expected to close around the middle of the year. Oracle, which closed at $21.31 yesterday, fell 51 cents on pre-opening trading to $20.80. In November, Ellison told analysts, “If we made another offer, the price would be lower."