Icahn raises stake in BEA Systems
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Billionaire shareholder activist Carl Icahn raised his stake in BEA Systems, as he ramps up the pressure to push the company's board into selling the enterprise applications software maker.
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Billionaire investor Carl Icahn has quietly amassed a large stake in department store operator J.C. Penney Co Inc , The Wall Street Journal reported on Friday, citing people familiar with the matter.
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After shooing away Oracleâs $6.7 billion takeover bid, BEA dug in its heels for a potentially disruptive battle with its largest shareholder, the activist investor Carl Icahn.
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NEW YORK/BOSTON  - Activist investor Carl Icahn threatened on Friday to launch a proxy battle for control of BEA Systems Inc  if the software maker does not begin an auction process to sell itself.
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Billionaire activist investor Carl Icahn on Friday called for the sale of BEA Systems Inc., a business software maker whose stock price has sagged with the growth in open-source software and under pressure from larger competitors such as IBM Corp. and Oracle Corp.
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A version of BEA Systems Inc&#39;s WebLogic Platform for ISVs is expected today which the company believes will help boost overall sales of its platform.
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Business software maker BEA Systems Inc  has agreed to be acquired by Oracle Corp  for $8.5 billion, a 14 percent premium to its first offer, the companies said on Wednesday.
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ImClone Systems Inc. IMCL.O   shareholders on Wednesday elected billionaire Carl Icahn and   two of his associates to its board, according to CNBC.
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BEA Systems Inc  said on  Thursday it is prepared to sell itself for $8.2 billion, which  is a 24 percent premium to a bid from Oracle Corp  that  the business software maker rejected.
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BEA Systems&#39; board of directors has named an acquisition price to competitor and suitor Oracle: $21 a share, $4 more than Oracle&#39;s initial offer.&quot;We continue to believe that&#160;Oracle&#39;s unsolicited proposal to acquire BEA&#160;at $17.00 per share significantly&#160;undervalues BEA, and is therefore not in the best interests of BEA shareholders,&quot; the company said in a statement Thursday.Oracle on Tuesday set a deadline&#160;of Sunday for BEA to accept its &quot;generous&quot; original bid, which totals about $6.7 billion. The company also indicated it had no interest in a protracted merger battle.But BEA declared Thursday that the company&#39;s existing assets and future business prospects dictate a significantly higher sale price. The company said it has customers for its array of enterprise software among 75 percent of the Fortune Global 500, along with $1 billion in cash reserves and no debt.BEA said it arrived at the $21-per-share figure after talking to its financial advisor, Goldman Sachs. The company said it has authorized its attorneys to give a draft merger agreement to third parties willing to meet the price. The agreement would &quot;provide for an appropriately high degree of certainty of closing,&quot; BEA said.A successful purchase of BEA would significantly increase Oracle&#39;s standing in the middleware space. While some BEA assets would help round out Oracle&#39;s offerings, the companies overlap in key categories like Web servers and ESB (enterprise service bus) products.
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Oracle has agreed to buy BEA Systems for about $8.5 billion, the companies announced Wednesday.The deal comes just three months after&#160;the middleware vendor turned down an earlier offer of $6.7 billion.Oracle hopes that acquiring middleware vendor BEA will&#160;allow it to improve its own middleware suite, Fusion.That middleware is key to helping customers migrate their systems to a services-oriented architecture (SOA), CEO Larry Ellison said in a conference call last month to discuss the company&#39;s earnings.With Fusion already able to link to BEA&#39;s WebLogic Java application server, the deal is likely to speed Oracle&#39;s adoption of Java-based middleware, the company said.Oracle&#39;s customers have been telling it for years to buy BEA, it said.However the members of BEA&#39;s board were less sold on the idea: They&#160;turned down an offer from Oracle of $17 per BEA share in October, saying it &quot;significantly undervalues BEA.&quot; Oracle in turn&#160;dismissed the BEA board&#39;s counter-offer of $21 per share as &quot;impossibly high&quot;.But on Wednesday the companies split the difference, and BEA&#39;s board announced it had unanimously approved Oracle&#39;s latest offer of $19.375 in cash per BEA share.The board accepted only after spending several months looking for other ways to maximize shareholder value, BEA&#39;s chairman and CEO Alfred Chuang said in a statement.The companies expect to close the deal by mid-year, subject to the approval of regulators and BEA shareholders.&#160;
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ImClone Inc. IMCL.O shareholders   gather on Wednesday for the company's annual meeting as it   looks to billionaire Carl Icahn to help it achieve stability   following a series of blows that could hurt sales and limit its   strategic options.
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Financier Carl Icahn on Friday offered to buy the shares of generic drugmaker Mylan Laboratories  that he does not already own for &#36;4.9 billion, or &#36;20 a share, according to a government filing.
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Pharmaceutical stocks were in the spotlight Thursday with news that investor Carl Icahn&#39;s was given a green light to buy a sizable chunk of Mylan Laboratories Inc.
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BEA Systems at the ApacheCon conference in Las Vegas on Monday is adding the Jonas and Geronimo application servers as platforms supporting the Project Beehive open source development initiative.
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Billionaire financier Carl Icahn has  filed for regulatory approval to buy up to $1 billion of  Temple-Inland Inc. TIN.N shares, the company said on Friday,  pushing shares in the packaging and building materials maker to  all-time highs.
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Oracle has agreed to buy BEA Systems for around $8.5 billion, the two companies announced today.