Software maker BEA Systems is under pressure from shareholder Carl Icahn to sell, but executives say this week’s $6.7 billion offer by Oracle is too low. Icahn agreed the unsolicited bid wasn’t good enough but said he was pleased an offer was made, the New York Times reports. Analysts expect Oracle to raise its offer and get BEA.
Icahn, who recently raised his BEA ownership stake to force a sale, argues the company’s independence hurts it in a consolidating industry. A purchase by Oracle, which has bought 34 companies in four years, would make the software titan dominant in corporate middleware—the programming code that serves as middleman between database and supply chain systems.