On October 12, 2007, Oracle announced their intent to buy BEA Systems for $6.7 billion. As a result of the offer, BEA's stock price rose over five dollars upon the opening of trading for the day. BEA turned the offer down the same day, saying that the company is "worth substantially more". On January 16, 2008, Oracle signed a definite agreement to buy BEA for $8.5 billion. It is believed that Carl Icahn, one of the company's most prominent shareholders, was the main reason that the deal happened.