“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.”