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Savings Experiment: Snow RemovalHe has given shareholder and vocal opponent of his strategy, Carl Icahn, confidential information that purportedly shows that Oracle's bid "significantly undervalues the company."
No word yet on King Icahn's reaction, but he probably isn't buying it. In an October letter to the company, he wrote that "I view your public declaration of a $21 per share 'take it or leave it' price as a management entrenchment tactic, not a negotiating technique."
He's probably right. Some of the most trenchant analysis of the BEA situation comes from our own Georges Yared, who said this:
I have been following BEA Systems (NASDAQ: BEAS) since the mid 1990s. What was once a cutting-edge, leading applications infrastructure play has turned into a me-too, has-been company. The worst part of it all, BEA thinks -- it actually thinks -- it is good! It's an arrogant company led by an arrogant management team.
BEA Systems should thank its lucky stars and hitch up with Oracle as soon as possible. Playing the game of cat-and-mouse is a dangerous one as not that many other players are really interested in this has-been company.
Icahn would probably agree with Yared, and I can't wait to see his reaction to the confidential information.
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