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Associated Press
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Oct 30, 07 12:05 AM CDT
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Having held out on a time-sensitive $6.7 billion offer from Oracle, BEA Systems management now faces a charge to oust them by billionaire shareholder Carl Icahn, who wields a massive 13.2% stake in the company, the AP reports. BEA says it will not entertain any offer that values it at less than $21 per share -- Oracle offered $17 per share — but to appease Icahn it hinted at other possible buyers.
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Financial Times (UK)
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Oct 28, 07 11:51 PM CDT
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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.
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Reuters
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Oct 26, 07 8:14 AM CDT
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Prodded by Beijing to invest in developing countries, China's massive state-owned bank has inked a deal to buy 20% of South Africa's Standard Bank for $5.6 billion, marking the largest Chinese investment ever in Africa. ICBC, flush with cash, is eager to provide financial services to Chinese companies increasingly active in the Horn of Africa, Reuters reports.
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Wall Street Journal
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Oct 25, 07 3:07 PM CDT
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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.
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Fortune Magazine
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Oct 24, 07 2:53 PM CDT
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Cisco Systems announced yesterday that it will purchase WiMax innovator Navini Networks for $330 million in cash and stock, Fortune reports. WiMax is similar to existing wireless technology except that its signals can be received by computers up to five miles away. Cisco's acquisition represents a reversal of previously held skepticism about the technology.
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Wall Street Journal
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Oct 24, 07 5:04 AM CDT
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Software giant Oracle is growing impatient as it attempts to take over BEA Systems, a smaller and fiercely independent tech organization. Oracle offered on Oct. 9 to buy BEA for $6.7 billion, or $17 a share, which BEA considers too low. But the company hasn't formally rejected the offer, and now Oracle has issued an ultimatum: sign by Sunday or the deal is off, reports the Wall Street Journal.
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BusinessWeek
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Oct 23, 07 11:50 AM CDT
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This quarter was supposed to see the start of a fightback for the beleaguered telecommunications industry. But the bad news keeps coming: Ericsson has warned investors to prepare for a sharp drop in profits, Nokia is still losing money and firing thousands of workers, and Alcatel-Lucent is already seeking a new business plan after its recent merger.
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Washington Post
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Oct 19, 07 2:05 PM CDT
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Last week's abrupt departure of Sprint's CEO capped the third-place company's struggles with its 2005 acquisition of Nextel, declining share price, and massive customer losses. Interim chief Paul Saleh tells the Washington Post he has a plan to get back to basics that he says will include rallying his workforce and focusing on doing fewer things, but doing them very well.
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New York Times
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Oct 13, 07 1:03 PM CDT
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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.
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New York Times
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Oct 9, 07 7:04 PM CDT
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NBC Universal is snapping up Oxygen Media, saying it will pay $925 million for the cable channel aimed at women—up to $500 million less than some analysts expected. The channel launched in 2000 with much fanfare to challenge Lifetime, but never had a hit show, despite backing from Oprah Winfrey and a bevy of industry execs.
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Wall Street Journal
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Oct 9, 07 12:58 PM CDT
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Molson Coors Brewing Co. and SABMiller PLC today agreed to combine their US operations and form beer behemoth MillerCoors, which could dent the traditional dominance of Anheuser-Busch. The Budweiser manufacturer—which controls almost 50% of the US beer market, compared with Miller’s 20% and Coors’ 11%—may feel pressured to seek its own merger, the Wall Street Journal says.
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Wall Street Journal
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Oct 5, 07 8:15 AM CDT
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After months of counteroffers, court cases and credit crises, the battle to buy Dutch banking giant ABN Amro concludes today, with a break-up of the bank. The Wall Street Journal reports that a three-bank consortium led by the Royal Bank of Scotland will almost certainly win ABN Amro shareholders' approval of the $101 billion takeover. RBS fought Barclays to the end for the prize, but some observers are wondering whether it will regret the purchase.
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