Billionaire Carl Icahn, BEA's biggest shareholder with approx 15% of its stock, has told a reporter that it is "insane" for the company to reject out of hand Oracle's unsolicited bid. "I'm not saying I accept $17," Icahn told Reuters. "It's going to be a three-month process." BEA is insisting that it's worth $21 per share.
Icahn has written a letter to the BEA board, disclosed in an SEC filing, demanding that it let shareholders vote on what the best bid for BEA might be.
The choices, he believes, ought necessarily to include the existing $6.7BN offer from Larry Ellison's Oracle Corp.
I'm still wondering what's keeping VMware from not making this move.