Oracle has rejected BEA's proposed acquisition price of $21 per share, denouncing it as "impossibly high".

"Nobody would seriously consider paying that kind of multiple for a software company with shrinking new licence sales," Oracle president Charles Phillips scoffed in a letter to BEA's board of directors that was sent at the end of the day on Thursday.

Instead, Philips repeated Oracle's offer to purchase the middleware vendor at $17 per share, which would value the firm at $6.7bn. He also urged that BEA's board to put the offer to a shareholder vote.

He pointed out that Oracle is still the only party that has put out a bid for BEA. "Apparently no other companies think that BEA is worth $17 per share, let alone $21 per share."

Oracle first made its acquisition offer on 12 October. BEA turned down the bid and on Thursday 25 October solicited bids at $21 per share.

Oracle's offer is set to expire on Sunday 28 October. If BEA persist in its resistance, Oracle will "move on and evaluate other potential acquisitions".