Globe and Mail: Corel, Microsoft enter allianceOct 03, 2000, 00:07 (0 Talkback[s])
(Other stories by Allison Dunfield)
"Microsoft Corp. has purchased $135-million (U.S.) in shares of struggling Corel Corp., as the two software companies announced a strategic alliance aimed at developing projects for the U.S. giant's Internet platform."
"In the announcement, which came after the close of trading Monday, the firms said Microsoft has purchased 24 million non-voting convertible Corel shares for $135-million, or $5.625 a share. The deal means Microsoft will have a 24.6-per-cent non-voting interest in Corel, giving them a financial stake in the company only. Microsoft will neither have say in Corel's management nor will it be involved with the company's board of directors...."
"The [Microsoft] Internet platform will be launched in the second half of 2001, and Corel plans to have its applications on the platform by the end of 2001. These could include a new version of WordPerfect or CorelDRAW, for example."