Originally published October 27, 2007 at 12:00 AM | Page modified October 27, 2007 at 2:01 AM
Business Digest
Oracle's hostile bid expected to die
Business-software maker BEA Systems signaled its intent to let Oracle's $6.7 billion, or $17-per-share, takeover bid expire Sunday, setting...
Business-software maker BEA Systems signaled its intent to let Oracle's $6.7 billion, or $17-per-share, takeover bid expire Sunday, setting the stage for a showdown with its largest shareholder, billionaire investor Carl Icahn.
After BEA'S latest dismissal of Oracle's bid Friday, Icahn accused the San Jose-based company's board of trying to derail a possible sale and threatened to lead a shareholder rebellion
BEA says it's willing to sell for $21 per share, or about $8.2 billion — a price that Oracle deemed "impossibly high," given its smaller rival's slumping sales.
"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," Icahn said in a letter to BEA'S board.
Sprint Nextel
Company agrees to unlock phones
As part of a proposed class-action settlement, Sprint Nextel has agreed to provide departing Sprint PCS customers with the code necessary to unlock their phones' software so they can use their phone with another carrier.
That would allow the phones to operate on any network using code division multiple access technology, or CDMA. Competitors using that technology include Verizon Wireless and Alltel.
Sprint made the offer as part of the proposed settlement of a California class-action lawsuit, filed last year, accusing the company of anticompetitive practices.
T-Mobile is facing a similar class-action lawsuit in California. Users of the iPhone, which is locked to the AT&T network, filed two separate lawsuits last week against the carrier and Apple, claiming its use restrictions and a software upgrade that disables unlocked iPhones constituted unfair business practices.
Merrill Lynch
Position of CEO appears to weaken
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Speculation swirled Friday that the chief executive of Merrill Lynch could be ousted in coming days, making him the highest-ranking Wall Street casualty of the subprime-mortgage meltdown.
CEO Stanley O'Neal's future at the largest U.S. brokerage was thrown into doubt Wednesday after Merrill disclosed a much bigger-than-expected loss on mortgage securities. His status appeared to weaken further Friday after a report said O'Neal, who is also Merrill's chairman, was in hot water with his board because he approached a rival bank about a merger without telling his fellow directors.
"I think he's gone," said Jeff Arricale, manager of the T. Rowe Price Financial Services fund.
Merrill's stock shot up $5.19, or 8.5 percent, to $66.09 after the report that O'Neal could be forced out as early as this weekend.
Compiled from The Associated Press and the Los Angeles Times
Copyright © 2007 The Seattle Times Company
UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case
UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip
UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award
UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall
NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

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