Oracle closes BEA Systems merger
Enterprise software giant wraps up $6.7 billion acquisition of BEA, ending contentious effort to acquire former rival.
Oracle announced Tuesday it completed its , bringing to a close a contentious buyout effort that began last fall.
Oracle--which like went public with its unsolicited bid for a reluctant acquisition target--cleared its final merger hurdle when European antitrust regulators gave it a thumbs up.
In Oracle's case, the enterprise software applications behemoth spent more than three months applying pressure to its rival BEA, before the.
BEA initially , prompting Oracle to pull its bid and go quiet for a couple months as BEA's stock fell. But with the help of Icahn serving as a quasi-mediator, a deal was struck at a slightly higher premium than what Oracle initially offered.
"The addition of BEA will accelerate innovation by bringing together two companies with a common vision of a modern service-oriented architecture infrastructure," Charles Phillips, Oracle's president, said in a statement. "Together, Oracle and BEA will provide a series of complementary and well-engineered middleware products, allowing customers to more easily build, deploy, and manage applications in a secure environment."
With the tech industry closing the chapter on one contentious merger effort that eventually turned "friendly," it waits to see if another will begin with. Microsoft is weighing its options this week.