Friday, October 12, 2007

BEA Systems Rejects Oracle Takeover Offer

San Jose-based BEA Systems said Friday afternoon that it has rejected the unsolicited takeover bid from Oracle. BEA Systems said in a released statement that the firm consulted with its financial and legal advisors, and concluded that Oracle's proposal "significantly under-values BEA Systems." BEA also said it is being advised by Goldman, Sachs & Co. and Wachtell, Lipton, Rosen & Katz. The rejection was delivered to Charles Phillips, President of Oracle yesterday.