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Financial Post/Canoe: Inprise deal faces more turbulence

Apr 26, 2000, 12:03 (7 Talkback[s])
(Other stories by Theresa Tedesco)

"A U.S. shareholder has filed a class-action suit against Inprise Corp. in an attempt to halt the merger proposed between the California software developer and Corel Corp. as officials at the U.S. company are reassessing the controversial union."

"In the second legal salvo fired against the deal, Paul Berger has asked the Court of Chancery in Delaware to issue an injunction against the proposed transaction because Inprise shareholders 'will be irreparably harmed' if the merger is completed."

"Mr. Berger's lawsuit, filed against the company's board of directors, claimed 'the merger with Corel is unfair to Inprise stockholders' and alleged the directors 'violated their fiduciary duties by failing to protect Inprise's public shareholders from a decline in the value of Corel stock by neglecting to bargain for a collar or other price protection in the merger agreement.' Named in the action are Dale Fuller, chief executive, William Miller, chairman of the board and directors David Heller and William Hooper."

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