On October 9th, Oracle Corporation delivered a letter to the board of directors of BEA Systems, Inc., in which Oracle proposed to acquire BEA for $17.00 per share in cash. The $17.00 per share offer is a 25% premium over yesterday's closing price of $13.62. The letter indicated that Oracle is prepared to proceed immediately to a process that leads to a definitive agreement. BEA Systems, a provider of enterprise infrastructure software, confirmed that its board of directors received an unsolicited proposal from Oracle to acquire BEA Systems for $17.00 per share in cash. The board reviewed the proposal and, and on October 12, the substance of recent management conversations with Oracle, and concluded that the proposal significantly under-values BEA Systems.