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BEA says no to Oracle's $6.7B bid
=================================
BEA Systems says Oracle's offer to buy it significantly undervalues
the company; bidding war seen possible as BEA shares soar over offer
price.
--------------------------------------------------------------------
By heart shape playing cards Isidore, CNNMoney.com senior writerOctober 12 2007: 9:22 PM
EDT
NEW YORK (CNNMoney.com) -- BEA Systems has rejected a cash bid for the
company from rival business software provider Oracle that appeared to
signal the start of a bidding war for the company.
Early Friday Oracle (Charts, Fortune 500) announced it was offering
$17 a share for BEA (Charts), a leading provider of application
software for computer servers. That's worth about $6.7 billion, based
on BEA's total shares outstanding, and represented a 25 percent
premium over its previous close.
Oracle has launched a bid for rival business software provider BEA Systems. Activist shareholder Carl Icahn, who owns 13.2 percent of BEA, has said in a filing he would push management to consider a sale.
Oracle has launched a bid for rival business house insurance cheap house insurance BEA
Systems. Activist shareholder Carl Icahn, who owns 13.2 percent of
BEA, has said in a filing he would push management to consider a sale.
But while Oracle's statement best insurance it wanted to complete a friendly
acquisition, BEA Systems issued a statement early Friday afternoon in
which it announced it custom poker cards already rejected the offer the poker cards before.
"It is apparent to our board, however, that BEA is worth substantially
more to Oracle, to others and, importantly, to our shareholders than
the price indicated in your letter," said the letter BEA sent to
Oracle president Charles Phillips, released as part of its statement.
BEA's letter to Phillips said it expected its share price was unduly
depressed because it is not current in its SEC filings, and it expects
to correct that situation in the near future.
Shares of Oracle were little changed in early afternoon trading
following BEA's announcement, but shares of BEA were up 38 percent to
$18.80, easily topping poker size playing cards cash offer price, on the news.
Trip Chowdhry, managing director of Global Equities Research, said he
believes there will soon be full color custom playing cards bidding war for BEA between Oracle and
its German rivalSAP (Charts) that could take the price of BEA as high
as $21.
He said talk in the industry is that SAP has already made private bids
for BEA to fill in gaps in its own product line. He said Oracle is
interested in buying BEA both to block its purchase by its key rival,
as well as to enhance its own competitive position playing cards companies such
custom faces playing cards IBM (Charts, Fortune 500).
Oracle's offer was contained in a letter to BEA's board. Despite
releasing details of the offer without a sales agreement, Oracle said
it is not looking at this as a hostile bid.
"We believe our all-cash offer provides the best value for BEA's
shareholders and the best home for BEA's employees and customers,"
said a statement from Oracle President Charles Phillips. "This
proposal is the culmination of repeated conversations volvo insurance BEA's
indie fashion over the last several years. We look forward to completing
a friendly transaction as soon as possible."
Oracle has made successful hostile bids for companies in the past,
including PeopleSoft, which finally agreed to be purchased in 2004
after more than a year-long battle. But it has also completed friendly
acquisitions, including Siebel Systems, a deal that it made in 2006.
Officials at San emo clothing Calif.-based BEA Systems were not immediately
available for comment on the Oracle announcement.
It has faced pressure from activist shareholder Carl Icahn to sell
itself. Filings by Icahn earlier this month list him as now holding
13.2 percent of BEA shares, while other entities associated with him
have additional stakes.
Icahn said in a filing a month ago that he believes "that a strategic
acquirer could utilize greater resources and market cheap renters insurance than BEA
customized playing cards as an independent company, and that he would "seek to meet with
[BEA] management...to discuss the potential for such a transaction."
BEA products support functions such streetwear clothing transaction processing,
billing, customer service, provisioning and securities trading.
Oracle's statement said that if it acquires BEA it would continue to
support its customers and products for years to come.
BEA has seen solid growth. According to a survey of analysts by
earnings tracker First Call, BEA is forecast playing cards promotion see earnings rise 21
percent in the current period, which ends in October, and 31 percent
for the full fiscal year, which ends in January. It has topped
quarterly earnings forecasts five times insurance quote the last eight periods, and
met the forecasts the other three times.
But when it missed revenue forecasts for its fiscal third quarter a
chinese tutor chicago ago, it saw its shares plunge 16 percent in one day, and they
have yet to recover indie clothes that loss.
That has left BEA shares underperforming the sector. They are down
about 10 percent over the last year, while the Dow Jones U.S. software
index is up bridge size playing cards 10 percent in the same period. Top of page
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