October 13, 2007 / 1:33 AM / 12 years ago

BEA Systems reiterates opposition to Oracle offer

NEW YORK, Oct 12 (Reuters) - BEA Systems Inc BEAS.O reiterated its opposition to an unsolicited takeover offer from Oracle Corp ORCL.O on Friday in a sharply worded letter to Oracle President Charles Phillips.

“Let me clarify your misunderstanding,” William Klein, BEA’s vice president of business planning and development, said in the letter to Phillips.

Klein reiterated that BEA is worth “substantially more” than Oracle’s $6.7 billion, or $17 a share offer.

Klein said that, contrary to a statement by Oracle, BEA did not agree to meet with Oracle earlier Friday to start a process that might result in a definitive agreement by Monday. (Reporting by Chris Reiter)

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