Despite having publicly pushed BEA to sell itself, Carl Icahn's initial response to Oracle's takeover
attempt was to say that the offer was too low
at $17 per share. BEA itself responded by counteroffering at $21 per share
. However, Oracle stood fast and said that since there didn't appear to be any competition, it saw no reason to raise the bid. It also said that the $17 offer would expire Sunday night. Of course, seeing as it's now Monday, the offer has, indeed, expired
. Yet, Carl Icahn isn't happy. He's now demanding that BEA put the $17 offer to a shareholder vote
and is threatening to sue over it. Perhaps it's just me, but this feels like one of those situations in a bad movie or TV show where two sides are negotiating, and even though one side has instructed everyone to stand firm and play hard to get, as soon as the other side stands firm itself, one guy in the corner gives in and says "take the deal guys! take the deal!" You can almost hear the sighs of exasperation from BEA's board members muttering under their breath and trying to kick Icahn to stay quiet for a little longer to see if Oracle comes back again with another bid.