Oracle's offer to buy BEA expired on Sunday. BEA shareholders should not assume that Oracle will renew its $17 per share offer in the future as Oracle may have commited its capital elsewhere in the future, said the bidder.
"The reason that Oracle's £8.10 per share proposal is unacceptable to the board is because it significantly undervalues BEA, and consistent with our [legal] duty we will continue to vigorously oppose a sale to Oracle or anyone else at that price in order to protect the interests of all BEA shareholders.
"It is important that there be no misunderstanding of the board's position. We are opposed to selling the company at £8.10 per share. We are not opposed to selling the company," said BEA's board.