Oracle won't be taking over BEA Systems Inc

Oracle Corp. said Sunday it has let its rejected $17-a-share offer, or $6.7 billion, for BEA Systems Inc. to expire at 5 p.m. Pacific time and doesn't plan to make a new acquisition proposal. After letting the offer expire on Sunday, Oracle said in a statement that, "Over the last 20 days the BEA board has repeatedly rejected our offer and refused to meet with us, even though we offered to meet without any preconditions. We asked the BEA board to allow their shareholders to vote on our $17 per share proposal. They chose not to. If the BEA shareholders are unhappy with the behavior of the BEA board it is up to those shareholders, not Oracle, to take the appropriate action."