BEA Systems (BEAS) - Undiscovered Growth Stock Message Board

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Technology Stocks : BEA Systems (BEAS) - Undiscovered Growth Stock

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From: Glenn Petersen	1/16/2008 9:20:32 AM
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BEA Accepts $8.5 Billion Bid From Oracle January 16, 2008, 8:00 am Oracle said Wednesday that it will finally acquire BEA Systems, an enterprise software maker, for about $8.5 billion in cash. The deal agreement marks an end to a strange, months-long kabuki dance in which Oracle abandoned its first bid and both sides seemed to adopt a hard-line bargaining stance. BEA’s board unanimously approved Oracle’s offer of $19.375 a share. The deal is expected to close by mid-year. Amid a fierce race between Oracle and archrival SAP to gobble up enterprise software makers, BEA stood out as a potential takeover target. Carl C. Icahn targeted the company last fall, raising his stake in BEA several times. Oracle announced a $6.7 billion, $17-a-share offer in October — but BEA rejected the bid as too low. Then things got interesting. Oracle first put a gun to BEA’s figurative head, naming a quick deadline for its offer. But BEA surprisingly responded that it would not accept a bid of less than $21 a share. Oracle scoffed; its bid expired; Mr. Icahn got angry. (DealBook analyzed the situation here.) But negotiations are fluid and often involve a fair amount of theatrics. In the midst of legal troubles over the backdating of stock options, BEA was hard-pressed to accept an offer on the table. And despite Mr. Ellison’s declaration that his next offer would be less than $17 a share, he and his company remained hungry for deals. dealbook.blogs.nytimes.com

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