Globe and Mail: Corel shares tumble to 5-month low

[ Thanks to Kevin Reichard for this link. ]

"The decline came as an investment banking firm continues to evaluate the fairness of its all-stock offer for Inprise Corp. Corel's tanking stock value prompted Inprise to order a second fairness study on the planned $1.1-billion (U.S.) merger late last month."

"Poor first-quarter results and a surprise warning that Corel could run out of cash by July have caused the Ottawa-based software company's stock to drop more than 60 per cent since the deal was announced on Feb. 7 -- when Corel's shares traded at $27.90 (Canadian) on the Toronto Stock Exchange."

"It sounds like the Inprise management would at least like to renegotiate the terms," said Jean Orr, analyst at Bluestone Capital Partners of New York. A new fairness opinion could give disaffected Inprise shareholders leverage by forcing Corel to sweeten the deal -- or persuade investors to vote it down."

Complete Story

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• Newsbytes: Inprise Stalls On Corel Deal(May 12, 2000)
• VNU Net: Corel: Linux or bust?(May 11, 2000)
• CNET News.com/Reuters: Doubts mount about Corel's Inprise/Borland deal(May 04, 2000)
• Ottawa Citizen: Cowpland banks on Inprise deal(May 04, 2000)
• VNU Net: Corel digs deep for cash(May 04, 2000)
• PC Week: Inprise second-guesses Corel merger(Apr 29, 2000)
• InfoWorld: Inprise seeks advice on Corel merger terms(Apr 28, 2000)
• Ottawa Citizen: Inprise shareholders grill CFO about Corel merger(Apr 28, 2000)
• Financial Post/Canoe: Inprise deal faces more turbulence(Apr 26, 2000)