Icahn tells BEA board to put Oracle bid to shareholders
"SAN FRANCISCO (MarketWatch) -- Activist investor Carl Icahn said late Friday that BEA Systems Inc. should hold an auction to sell the company, opening the door to potential acquirer Oracle Corp. Oracle (ORCL:
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ORCL 21.00, -0.18, -0.8%) has made an offer of $17 a share for BEA (BEAS:BEA Systems Inc
Last: 16.50-1.03-5.88%
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BEAS 16.50, -1.03, -5.9%) , though BEA's board of directors called the offer insufficient and countered that $21 a share is more appropriate. Icahn, who holds a significant stake in BEA, said in a letter to BEA's board that, "I view your public declaration of a $21 per share 'take it or leave it' price as a management entrenchment tactic, not a negotiating technique." Icahn suggested the board hold an open auction process for potential buyers, including Oracle. He also said he is commencing a lawsuit aimed at preventing the BEA board from taking "any action that would dilute voting by issuing stock, entrench management or derail a potential sale." "
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