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Monday, 29 October 2007 10:37

Oracle abandons BEA Systems sale

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Says BEA wanted too much money


Oracle
has pulled out of a deal to buy BEA Systems for $6.7 billion. Oracle said that it will not increase its offer for the company and will not bid as much if it gets involved in a bid for the company again.

"BEA's Board has repeatedly rejected Oracle's offer and refused to meet with us, even though we offered to meet without any preconditions. Oracle wanted shareholders to accept $17 per share proposal but was blocked by the Board," claims Oracle.

BEA's largest shareholder, Carl Icahn, is angry that shareholders were not allowed to vote on the deal.

More here.

Last modified on Monday, 29 October 2007 18:52

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