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BEA Systems stockholders say 'yes' to deal with Oracle
By Lisa Kerner
Charlotte, N.C., April 4 - BEA Systems, Inc. said its stockholders approved the company's acquisition by Oracle Corp. at a special meeting on Friday.
Approximately 99.9% of the shares of BEA Systems common stock entitled to vote and present at the special meeting were voted in favor of the deal, representing some 68.6% of the outstanding shares of BEA Systems common stock, a company news release said.
BEA Systems expects to receive clearance for the merger from the European Commission by April 30.
In January, Oracle announced it would acquire all outstanding shares of BEA Systems for $19.375 cash per share in a deal valued at about $8.5 billion, or $7.2 billion net of BEA Systems' cash on hand of $1.3 billion.
Affiliates of Carl C. Icahn holding some 13% of BEA Systems' common stock agreed to vote their shares in favor of the merger, it was previously reported.
BEA Systems is based in San Jose, Calif., and makes enterprise application and service infrastructure software.
Oracle is a Redwood City, Calif.-based enterprise software company.
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