PC Week: Inprise second-guesses Corel mergerApr 29, 2000, 03:10 (0 Talkback[s])
(Other stories by Tiffany Kary)
"Inprise/Borland has every right to second-guess its Corel marriage. Shareholders have been against the deal because of Corel's recent problems. Meanwhile, the value of the stock-swap merger has plunged from its original terms. On Feb. 7, Corel was paying $1.07 billion in stock. By March 20, the deal was valued at just $718 million. Based on Corel's closing price Thursday, Inprise is valued at just $371 million."
"Shares of Inprise/Borland closed at 5 5/16 Thursday, well below their 52-week high of 20. Corel's bad news has also been a drag for Inprise investors. When Corel reported a wider-than-expected first-quarter loss of $12.4 million, Inprise shares took a tumble. Corel closed at 6 27/32 Thursday, down from a 52-week high of 44 1/2."
"The ever-optimistic executives at Corel maintain the Inprise/Borland merger is on track, but they've been wrong before -- especially with Wall Street guidance."
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