Any Future Bid For BEA Would Be Lower - Oracle CEO

Nov. 15, 2007 6:52 AM ETBEAS, ORCL
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Eli Hoffmann

"If we made another offer [for BEA], the price would be lower," Oracle (ORCL) CEO Larry Ellison told investors at the company's annual financial analyst meeting Wednesday (FT). In late October, BEA (BEAS) rejected Oracle's unsolicited $17/share bid (full story), saying it, "significantly undervalues BEA, and is therefore not in the best interests of BEA shareholders." BEA countered by saying it was willing to sell itself for $21/share, a price Ellison called at the time "impossibly high." Oracle shares dropped hard last week amid a broad tech downturn, while BEA shares are largely unchanged since the standoff as investors have anticipated a renewed bid from Oracle, or potentially other suitors. "For the BEA board to make the claim that they are worth $21 (per share) without any detailed supporting analysis could mean that they have another interested party," Jefferies analyst Katherine Egbert said. Possible buyers besides Oracle include IBM and Hewlett-Packard. While not saying he wouldn't renew his bid, Ellison told investors, "It looks like no one is going to buy BEA. We were the only buyer then."

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Seeking Alpha mourns the loss of Eli Hoffmann, beloved manager, friend and guiding light. Please read the testaments, below. ------------------ I am Seeking Alpha's COO and Editor-in-Chief. My love for the stock markets goes back to when I was a kid. Who else remembers combing through the stock quotes at the back of the business section of your local paper?I joined Seeking Alpha in 2006 and launched Wall Street Breakfast and Market Currents, now known as Breaking News, our top-of-class short-form breaking news for investors. In 2010 I became editor-in-chief and in 2015 I became CEO. In March 2020, David Jackson, our founder, stepped back in as CEO and appointed me COO.I live in Jerusalem with my wife and a bunch of exceptional kids. Most days, you'll find me making the commute from Jerusalem to Raanana. Occasionally I get to work from my home-office, from where I keep an eye on the beautiful Judean Hills. (Note: Until further notice, I am ONLY working from Jerusalem, with all my kids standing on my head. I look forward to getting back to a more normal schedule together with everyone else.)

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