Icahn threatens suit against BEA over rejected Oracle bid

By Elizabeth Harrow
29 October 2007 @ 11:54 am EDT

After suffering a 5.7% drop in Friday's session, BEA Systems is fractionally higher in today's trading. The company's stock dropped after it announced it would let a $17 per-share buyout bid from Oracle (ORCL) expire, stating that such an offer undervalued the company. The decision by BEA Systems prompted outspoken investor Carl Icahn to threaten legal action to prevent the BEAS board from taking "any action that would dilute voting by issuing stock, entrench management or derail a potential sale." Icahn noted, "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."

Copyright Schaeffer's Investment Research

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