Channel Insider content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

The board of directors of BEA Systems has declined Oracle’s offer to acquire the company at $17 per share, saying the bid “significantly undervalues” BEA, according to a report on

Oracle announced its intent to acquire BEA earlier in the day on Oct. 12. BEA’s board had sent a letter to Oracle Oct. 11 stating that it couldn’t become embroiled in any negotiations with Oracle, given that the companies are in direct competition, according to the report.

Click here to read more about questions raised by Oracle’s bid for BEA Systems.

Investor Carl Icahn, who owns 13 percent of BEA, has in recent weeks outspokenly advocated that BEA sell itself, given its declining value in the stock market.

But even Icahn isn’t keen on the Oracle deal, saying the offer undervalues BEA. He said in a television interview that he was surprised that Oracle went public with its offer.

Read the full story on BEA to Oracle: No Thanks