Oracle sets Sunday deadline for BEA bid
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With no other suitors stepping forward, business software maker Oracle Corp. is threatening to abandon its $6.7 billion bid for BEA Systems Inc. unless its smaller rival accepts the offer by Sunday evening.
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BEA Systems Inc. chose the opening day of competitor Oracle&#39;s annual user conference in San Francisco to talk about its next version of the BEA WebLogic Application Server platform.
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Oracle has finally won its prize, the rival BEA Systems, after sweetening the offer by 14 percent, just three months after BEA rejected its original bid.
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Oracle&#160;on Tuesday morning said that BEA Systems has officially rejected its&#160;offer to acquire the company. BEA had previously said the&#160;offer was too low.
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Ziff Davis - The long wait for a decision in the government's antitrust trial against Oracle has prompted the company to extend the deadline yet again for its &#36;7.7 billion attempted buyout of PeopleSoft.
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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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Oracle has rejected&#160;BEA Systems&#39; proposed purchase price of $21 per share, calling it &quot;impossibly high&quot; for Oracle or any other company to pay.
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BEA let the bid's deadline expire, as it promised it would, and Oracle won't rule out another try.
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BEA Systems Inc  said on Friday it still cannot accept the $17-per-share takeover bid from Oracle Corp  as it significantly undervalues the business software maker.
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Oracle has rejected&#160;BEA Systems&#39; proposed purchase price of $21 per share, calling it &quot;impossibly high&quot; for Oracle or any other company to pay.In a letter to BEA&#39;s board dated Oct. 25, Oracle again urged the company to accept its offer of $17 per share, an amount that Oracle said it was &quot;unwilling to increase.&quot;&quot;The $21 per share price is a multiple of nearly eleven times BEA&#39;s last twelve months&#39; reported maintenance revenues,&quot; wrote Oracle President Charles Phillips. &quot;Nobody would seriously consider paying that kind of multiple for a software company with shrinking new license sales.&quot;He noted that Oracle was the only company making an offer for BEA. &quot;Apparently no other companies think that BEA is worth $17 per share, let alone $21 per share,&quot; Philips wrote.Oracle again urged BEA to put its offer to a shareholder vote.&#160;Oracle&#39;s bid of $17 per share&#160;values BEA at about $6.7 billion. A price of $21 per share would value it at $8.3 billion.Oracle said it had an obligation to its own shareholders to &quot;exercise price discipline when evaluating acquisition opportunities.&quot; It reminded BEA of its&#160;deadline of Sunday evening&#160;to accept the offer, after which it will &quot;move on&quot; and consider other acquisitions.Oracle made its surprise bid for BEA on Oct. 12, hoping to strengthen its line of middleware products and grow its customer base. BEA, which had been under pressure from investor Carl Icahn to sell, quickly rejected the offer as too low, and on Thursday came back with its suggested higher price. Oracle&#39;s offer &quot;significantly undervalues BEA&quot; and is not in the best interests of BEA&#39;s shareholders, it said on Thursday.BEA officials weren&#39;t available for comment on Oracle&#39;s latest letter.&#160;
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Oracle has agreed to buy BEA Systems for around US$8.5 billion, the companies announced Wednesday.
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On the same day its plans to&#160;buy middleware giant BEA Systems&#160;rocked the technology world, Oracle also revealed Wednesday that its string of niche acquisitions will continue through the purchase of document-capture vendor Captovation.
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Oracle Corp  President Charles Phillips said on Thursday that his company would not raise its $17 per share bid for BEA Systems Inc , which expires on Sunday.
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After Larry flashes extra cash Oracle has signed a definitive agreement to buy BEA for $8.5bn.â¦
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SAN FRANCISCOâBEA Systems Inc. took advantage of the proximity of Oracle Corp.&#39;s OpenWorld conference here this week to introduce BEA WebLogic Server 9.0, which is designed to allow developers to rapidly
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BEA Systems Inc  shares fell 4 percent on Tuesday on concerns a $6.7 billion takeover bid by Oracle Corp  will fall through after both sides refused to budge from their positions.
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Software maker BEA Systems Inc's  board said on Monday it is holding out for a $21-a-share takeover offer, a day after its larger rival Oracle Corp  withdrew its $17-a-share offer.