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- #Parallels desktop versus vmware fusion best for running storyline 360 on a mac? software#
įiled under: Hybrid, Lexus, Tokyo Motor Show The Oracle chief executive, Larry Ellison.
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In the letter, Icahn said BEA's counteroffer price was a "management entrenchment tactic, not a negotiating technique." The company is at a "critical juncture" with a "holdover" board, he said.īuying BEA would help Oracle, which is based in Redwood City, California, challenge International Business Machines for the lead in the market for so-called middleware - software that helps different types of programs share information. The company's board repeated Friday that it would not accept Oracle's $17-a-share offer, calling the bid "unacceptable." BEA, which is based in San Jose, California, said that it would agree to $21 a share, a price Oracle called "unacceptably high."īEA shares fell $1.03, or 5.9 percent, to $16.50 Friday on the Nasdaq. Icahn said the lawsuit is designed to prevent BEA from taking any action that may derail a sale, such as issuing stock or selling assets. The company is counting on its profitable software-maintenance fees to lure suitors.
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BEA's software license sales fell 11 percent in the six months ended July 31. The lawsuit, along with a letter Icahn sent to BEA's board, stepped up pressure on the company to accept Oracle's offer or find a higher bid. "They should have a fair auction process and let the best bid go to the shareholders, and not do anything to thwart that process," Icahn said Friday. The lawsuit asks for BEA, which is seeking an offer of more than $8 billion, to hold an annual meeting by Nov.
Icahn, BEA's largest shareholder, said Friday that the company should put itself up for auction. The billionaire investor Carl Icahn sued BEA Systems, the software maker that spurned a $6.7 billion offer from Oracle, demanding that the company hold an annual meeting and allow shareholders to vote on a sale.
Icahn began pushing for a sale of BEA last month, shortly after divulging he had accumulated a large stake in the slumping company.Įllison, who has been on the takeover prowl for three years, pounced on BEA nearly three weeks ago with an offer. The shares finished Monday unchanged at $16.50.īy holding its ground, BEA now finds itself at odds with two billionaires - Icahn and Oracle Chief Executive Officer Larry Ellison. The rebuff of Oracle already has driven BEA's stock down from a recent five-year high of $18.94 reached earlier this month. Icahn didn't immediately respond to a request for comment Monday. In a Friday letter, Icahn threatened to wield his 13.2 percent stake in BEA to lead a shareholder rebellion aimed at ousting the company's directors unless the board budges from its $21-per-share asking price. Both IBM and HP have declined to comment on the speculation.īut Monday's letter didn't respond to Icahn's demands that BEA hold a public auction and then allow shareholders to decide whether any of the bids should be accepted. as the two candidates besides Oracle most likely to try to buy BEA and its line of "middleware" - coding that helps business software applications interact with databases. In a letter sent to Icahn Monday, BEA's board of directors reiterated its willingness to sell the San Jose-based company for $21 per share - about $1.5 billion more than Oracle offered before retracting the bid late Sunday.īEA's board hinted at talks with other suitors, assuring Icahn "we are currently exploring ways to maximize shareholder value, including the possible sale of the company."Īnalysts have listed IBM Corp. dug in its heels for a potentially disruptive battle with its largest shareholder, activist investor Carl Icahn. After shooing away Oracle Corp.'s $6.7 billion takeover bid, business software maker BEA Systems Inc.
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