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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.
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"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
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] 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
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] 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.
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