BEA Systems will talk sale, but not for $17 per share

By Lisa Kerner

Charlotte, N.C., Oct. 25 - BEA Systems, Inc.'s board of directors said it is ready to negotiate a sale of the company to third parties including Oracle Corp. for $21 per share.

"We continue to believe that Oracle's unsolicited proposal to acquire BEA at $17.00 per share significantly undervalues BEA, and is therefore not in the best interests of BEA shareholders," a BEA news release stated.

It was previously reported that BEA Systems rejected a $17-per-share offer from Oracle on Oct. 12.

BEA Systems is based in San Jose, Calif., and makes enterprise application and service infrastructure software. Oracle is a Redwood City, Calif.-based enterprise software company.

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