BEA Defends Its Rebuff of the Takeover Attempt by Oracle

BEA Systems defended itself yesterday in the face of mounting pressure to strike a deal to sell the company after it allowed Oracle’s buyout offer to expire Sunday night.

In a letter to Carl C. Icahn, BEA’s largest shareholder, the company’s board defended its decision to rebuff Oracle’s $17-a-share offer, reiterating that the offer was simply too low, yet insisting the company was still for sale.

“It is important that there be no misunderstanding of the board’s position,” BEA’s directors wrote in their letter to Mr. Icahn. “We are opposed to selling the company at $17 per share. We are not opposed to selling the company.”

Read Full Article from New York Times

- Posted: 2007-10-30 10:59:44

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