(lt ed. — This is an update of the earlier Reuters report:
Reuters: Key
resignation hits Corel takeover target Inprise.)
“In advance of Corel Corp.’s annual general meeting on
Wednesday, the software developer’s takeover of Inprise/Borland
Corp. is being questioned after an Inprise director and key
shareholder announced his resignation in protest of the deal.”
“Robert Coates said late on Tuesday that he had resigned
from the Inprise board of directors on February 6, immediately in
advance of the board’s vote which approved the merger between Corel
and Inprise/Borland.”
“Coates and his firm, Dallas, Texas-based Management Insights
Inc., have invested more than $18 million in Inprise, buying more
than 3 million shares.
“Coates said in a statement that he will oppose the merger
unless it results in substantially higher prices for Inprise
shareholders…”