Oracle snubs BEA on share price
26-10-2007
by The Register
Oracle has scoffed at BEA, describing the middleware's self-set USD21 per share price tag as 'impossibly high' and saying it had no intention of raising its offer.
BEA has been snubbing Oracle's offer of USD17 per share, but on Thursday said it would authorise negotiations with Oracle and other bidders at a price of USD21 per share -- valuing the company at USD8.15 billion.
Last night Oracle derided BEA's board for seeking "an 80 percent premium to BEA's stock price before the appearance of activist shareholders who are pushing the BEA board to sell the company".
It went on to twist the knife, saying: "Nobody would seriously consider paying that kind of multiple for a software company with shrinking new license sales."
Oracle restated its call for BEA's board to put its USD17 per share offer to a shareholder vote, and reiterated its intention to drop the bid and "move on and evaluate other potential acquisitions" if BEA's directors refuse to play ball.
The Register and its contents are copyright 2007 Situation Publishing. Reprinted with permission.
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