Oracle bids 6.68 billion dollars for software rival BEA Systems

SAN FRANCISCO: Number two software maker Oracle said Friday it was offering 6.68 billion dollars cash to buy rival business software group BEA Systems.   

The price of 17 dollars a share would be a 25 percent premium to the most recent closing price of BEA, which is based in San Jose, California.   

"We have made a serious proposal including a substantial premium for BEA," said Oracle president Charles Phillips.   

"We believe our all cash offer provides the best value for BEA's shareholders and the best home for BEA's employees and customers. This proposal is the culmination of repeated conversations with BEA's management over the last several years. We look forward to completing a friendly transaction as soon as possible."   

The Wall Street Journal reported that BEA has been under pressure from investor Carl Icahn to sell the company.