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CNET News.com: Corel says in "best interest" to end Inprise deal

May 16, 2000, 15:36 (4 Talkback[s])
(Other stories by Joe Wilcox)

"Software maker Corel and programming toolmaker Inprise today agreed to end a proposed billion-dollar merger, leaving Corel to find other forms of financing."

"The move isn't surprising, as Inprise, formerly known as Borland, recently requested a second evaluation of Corel's financial records. Ottawa-based Corel has come under hard times, facing dwindling cash reserves and a sinking stock price. "

"Much has changed since the merger was agreed to more than three months ago," said Corel CEO Michael Cowpland. "As a result, Corel has concluded that it is in our best interest to terminate this agreement at this time." Cowpland emphasized Corel and Inprise had parted on amicable terms. "Although at this point the merger didn't proceed as planned, it hasn't changed our strategic focus."

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