Oracle Makes $6.66 Billion Bid to Buy BEA Systems

Business software maker Oracle Corp. ( ORCL) confirmed Friday it offered to buy BEA Systems Inc. ( BEAS) for more than $6.66 billion earlier this week.

Oracle said it sent a letter to the software maker's board offering $17 per share, a 25 percent premium over Thursday's closing price of $13.62.

BEA Systems had more than 392 million outstanding shares as of May 31, 2006.

"We have made a serious proposal including a substantial premium for BEA," said Oracle President Charles Phillips in a statement. "We believe our all cash offer provides the best value for BEA Systems' shareholders and the best home for BEA's employees and customers."

Shares of San Jose, Calif.-based BEA Systems jumped $3.33, or 24.4 percent, to $16.95 in premarket trading.

BEA is under pressure from billionaire investor Carl Icahn to sell itself. Earlier this month, he reported an 11 percent stake in the company.