Financial Post/Canoe: Inprise deal faces more turbulence

“A U.S. shareholder has filed a class-action suit against
Inprise Corp. in an attempt to halt the merger proposed between the
California software developer and Corel Corp. as officials at the
U.S. company are reassessing the controversial union.”

“In the second legal salvo fired against the deal, Paul
Berger has asked the Court of Chancery in Delaware to issue an
injunction against the proposed transaction because Inprise
shareholders ‘will be irreparably harmed’ if the merger is
completed.“

“Mr. Berger’s lawsuit, filed against the company’s board of
directors, claimed ‘the merger with Corel is unfair to Inprise
stockholders’ and alleged the directors ‘violated their fiduciary
duties by failing to protect Inprise’s public shareholders from a
decline in the value of Corel stock by neglecting to bargain for a
collar or other price protection in the merger agreement.’ Named in
the action are Dale Fuller, chief executive, William Miller,
chairman of the board and directors David Heller and William
Hooper.”

Complete
Story