Oracle gives BEA Systems a deadline
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With no other suitors stepping forward, business software maker Oracle Corp. is threatening to abandon its $6.7-billion bid for BEA Systems Inc. unless its smaller rival accepts the offer by Sunday evening.
Oracle set the deadline after being notified that San Jose-based BEA’s board of directors had rejected its $17-a-share offer for the second time in less than two weeks.
In response, BEA reiterated its position that Redwood Shores, Calif.-based Oracle needed to pay more and indicated that it remained open to negotiations.
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