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

May 14, 2000, 01:22 (0 Talkback[s])
(Other stories by Lawrence Surtees)

[ 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."

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