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Oracle Withdraws Bid for BEA as Deadline Expires
By: Reuters | 29 Oct 2007 | 03:32 PM ET
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Oracle withdrew its $6.7 billion bid for business software maker BEA Systems on Sunday, setting the stage for a proxy battle between activist investor Carl Icahn and the BEA board.

The world's third-largest software maker pulled its $17-per-share bid after its deadline of 5 p.m. California time on Sunday lapsed, with no signs that BEA had budged from its view that it was worth $21 a share, or $8.2 billion in total.

"The BEA shareholders should not assume that Oracle will renew its $17 per share offer in the future," Oracle said in a statement.

"Over time many things can change: BEA's business might materially weaken, the stock market can fall further from its recent record highs, or Oracle may have committed its capital elsewhere.

Icahn, who owns 15 percent of BEA [BEAS  Loading...      ()   ] and is its biggest shareholder, threatened on Friday to launch a proxy battle for control of the company if its board did not let shareholders decide BEA's fate. He said shareholders should be allowed to vote on Oracle's [ORCL  Loading...      ()   ] offer if it turned out to be the best bid.

Analysts have suggested that Hewlett-Packard, International Business Machines and SAP may want BEA, but no offers have been announced so far.

Copyright 2009 Reuters. Click for restrictions.
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