In tech financial news Oracle made headlines this week and ignited a wave of interest in technology firms when it put a $6.7 billion bid for BEA Systems. BEA's Board of Directors rejected Oracle's offer of $17-a-share claiming that this offer seriously undervalues BEA Systems.
"BEA is worth substantially more to Oracle, to others and, importantly to our shareholders than the price indicated," wrote William Klein, BEA's vice-president of business planning, in a letter to the president of Oracle. This letter was delivered last Thursday.
On Friday Oracle's President Charles Phillips responded with a letter stating that the $17-a-share offer "remains available to discuss and complete a transaction quickly and efficiently."
