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 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

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