Oracle Corp., one of the major companies developing database management systems, was granted approval to acquire BEA Systems Inc for $8.5 billion.
Earlier the software maker announced that it had made a bid to buy BEA Systems for a price of $17/share, an offer that was rejected by the BEA board who felt that the company was worth more than that. On January 16, 2008 Oracle offered $19.375/share in cash for a total of $7.2 billion.
It’s the company's second largest acquisition since 2004, when after a long battle over the control of PeopleSoft, Oracle announces that it has signed an agreement to acquire PeopleSoft for $26.50 per share (approximately $10.3 billion).
The purchase of BEA Systems will give Oracle an opportunity to fight for lead at middleware software market.
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