Oracle vows to move on if BEA rejects bid

BOSTON (Reuters) - Oracle Corp (ORCL.O: Quote, Profile, Research, Stock Buzz) President Charles Phillips said on Thursday that his company would not raise its $17 per share bid for BEA Systems Inc BEAS.O, which expires on Sunday.

Phillips said in a letter to BEA's board that his company would "move on and evaluate other potential acquisitions" if BEA does not accept the offer by that deadline.

Earlier BEA issued a statement saying it was worth $21 per share.

"We believe that your counterproposal at $21 per share price is an impossibly high price for Oracle or any other potential acquirer," Phillips said in the letter, which was obtained by Reuters.

"Our proposal at $17 per share is the only offer. Apparently no other companies think that BEA is worth $17 per share, let alone $21 per share," he added.