Saturday, October 27, 2007

Icahn Tells BEA To Bring Oracle Bid To Shareholders- WSJ.com

 So maybe not the end of this chapter yet...

Icahn, who holds a significant stake in BEA, said in a letter to BEA's board Friday that, "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." Icahn suggested the board hold an open auction process for potential buyers, including Oracle, and allow BEA shareholders to "to accept or reject the proposal made by the highest bidder."

Icahn also said he is commencing a lawsuit aimed at preventing BEA's board from taking "any action that would dilute voting by issuing stock, entrench management or derail a potential sale."

Article - WSJ.com

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