Oracle Buys BEA Systems

Redwood Shores-based database giant Oracle, and BEA Systems said this morning that the two have entered into a definitive agreement where Oracle will acquire BEA Systems for approximately $8.5 billion. The two said that Oracle will pay $19.375 per share of BEA in cash for the firm. According to BEA Systems, its board of directors has unanimously approved the transaction, which is expected to close by mid-2008. The deal follows an earlier rejection of an Oracle offer by BEA in October; at that time, BEA had rejected Oracle's $17.00 per share offer for the firm.