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Oracle says target BEA Systems cancelled meeting

SAN FRANCISCO
Fri Oct 12, 2007 6:07pm EDT

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SAN FRANCISCO (Reuters) - Oracle Corp (ORCL.O) said on Friday that business software maker BEA Systems Inc BEAS.O cancelled a meeting scheduled today and declined attempts to reschedule.

Oracle, which has a made a $6.7 billion (3.3 billion pounds) offer to buy BEA, also said that it remained "committed to its proposed price of $17 per share." BEA earlier on Friday rejected Oracle's bid, saying it seriously undervalued it.

Oracle also said it was prepared to go ahead immediately with a process that would lead to a friendly transaction. Officials at BEA were not immediately available to comment.

(Reporting by Duncan Martell)


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