Not a surprise...
Oracle released a statement today saying that BEA's board of directors had officially turned down its offer to buy the company. It set a deadline of Sunday at 5 p.m. Pacific time for BEA to accept the $17-per-share bid.
But several hours later, BEA fired back its own missive in the form of a letter from William Klein, vice president of planning and development, to Oracle President Charles Phillips. In the letter, Klein characterized Oracle's offer as too low but made it clear BEA is not against being acquired for the right price.
"BEA is worth significantly more than $17 to Oracle, to others, and most importantly to BEA shareholders," the letter said. "BEA's Board has not indicated that it would be opposed to a transaction that appropriately reflects BEA's value, reached through a reasonable process."