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Oracle Adds Another Feather in its Crown|
- By CXOtoday Staff, Jan 18, 2008 1420 hrs IST
- Tags : Oracle Adds Another Feather in its Crown
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Oracle has agreed to buy leading middleware vendor BEA Systems for approximately US$8.5 billion, the two companies announced earlier this week.
The deal will be completed in mid-2008, subject to stockholder and regulatory approvals, Oracle said in a statement. Oracle has been on an acquisition spree in the past three years that has seen it acquiring more than 30 companies, including leading enterprise software vendor, Peoplesoft.
Although the deal was initiated in October 2007, BEA had sought a higher valuation than Oracle's bid of $6.6 billion. Consequently the deal was rejected at that time.
BEA chairman and CEO Alfred Chuang opposed the sale of the company, while investor Carl Ichan - who is a prominent shareholder of BEA - supported it. Speculation was rife then about a leadership tussle at the top of BEA and it appeared that the deal would drag on just as in the case of Peoplesoft.
However, as Oracle substantially raised its bid by $ 2 billion to $ 8.5 billion, the Oracle leadership came around and accepted the offer.
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