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BEA snubs Oracle

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BEA has let the deadline for accepting an offer of $17.00 per share from Oracle lapse, sparking a lawsuit from major investor Carl Icahn. 

BEA had tendered a counter-offer of $21.00 per share, which Oracle retorted was "impossibly high", before letting the $17.00 offer lapse.
Icahn is now calling for BEA to call an annual meeting and also suggested that the company put itself on auction.
The lawsuit is designed to prevent the company from derailing any future buy-out offers.