October 23, 2007
BEA officially rejects offer, Oracle sets bid deadline
Oracle says it has no interest in a long, drawn-out process to acquire BEA; sets a deadline for Sunday at 5 p.m. on its $17 per share bid
Recommend ThisOracle on Tuesday morning said that BEA Systems has officially rejected its offer to acquire the company. BEA had previously said the offer was too low.
"Last night we were told by Bill Klein, Vice President -- Business Planning and Development (speaking on behalf of the board), that BEA's board again rejected our proposed price of $17 per share in cash," Oracle said in a statement, adding that the BEA board "has refused to meet with us since we made our October 9th proposal."
Oracle set a deadline for Sunday at 5 p.m. local time on its $17 per share bid.
"Oracle has no interest in a long, drawn-out process to acquire BEA," Oracle said.
The total value of the bid is about $6.7 billion.
(More to follow.)
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