Oracle wants to buy BEA Systems for 17 usd per share in cash |
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Published
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Sun, 14 Oct 2007 20:53
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LONDON (Thomson Financial) - Oracle Corporation has confirmed that it delivered a letter to the board of BEA Systems Inc earlier this week in which Oracle proposes to acquire BEA for 17 usd per share in cash.Oracle said the 17 usd per share offer is a 25 pct premium over yesterday's closing price of 13.62 usd.Oracle said it is prepared to proceed immediately to a process that leads to a definitive agreement.'We have made a serious proposal including a substantial premium for BEA,' said Oracle President Charles Phillips. 'We believe our all cash offer provides the best value for BEA's shareholders and the best home for BEA's employees and customers. This proposal is the culmination of repeated conversations with BEA's management over the last several years. We look forward to completing a friendly transaction as soon as possible.'tf.TFN-Europe_newsdesk@thomson.comrwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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