BEA Systems: Part III

Okay, maybe three BEA Systems (BEAS) posts in one week is bordering on the obsessive. But we can’t help ourselves.

The latest tidbit actually comes courtesy Michelle Leder at where she dug through a merger proxy filed by BEA.

You can read Leder’s full post here. 

It turns out that Oracle began pursuing BEA back in June. It also happens that BEA had already retained Goldman Sachs in June to pursue its “strategic options.” The first hint of turmoil the public got came in September when investor Carl Icahn disclosed he’d taken a 8.5 percent stake in BEA and favored a sale of the company. Oracle publicly disclosed a $17 per share offer in September.

When Oracle threatened to rescind its offer in late October, BEA’s board decided it would be prepared to talk about a sale if someone offered $21 per share.  Things cooled for awhile with sporadic contact between Oracle and BEA while Icahn tried to play matchmaker. Eventually, Icahn helped bring Oracle around to $19.375 per share which brought the sides together to create the deal announced on Jan. 16.


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