Carl Icahn increased his stake in BEA Systems, regulatory filings indicated, as the billionaire investor seeks a sale of the business software company.
Icahn raised his holdings to approximately 9.9% of outstanding shares, up from an 8.5% interest, according to documents filed with the U.S. Securities and Exchange Commission.
Last Friday Icahn on Friday called for the sale of the company as shares have declined due to rising competition from larger competitors such as IBM and Oracle.
Earlier today, San Jose, Calif.-based BEA Systems
said it received a letter from the Nasdaq which said the company has until Nov. 14 to file all delinquent periodic reports to regain compliance with its filing requirements.
BEA had received letters for not filing quarterly statements for the periods ended July 31, 2006, Oct. 31, 2006 and April 30, 2007, and annual filing for fiscal 2007, due to an ongoing stock option review.