REDWOOD SHORES, Calif. –
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.