"The decline came as an investment banking firm continues to
evaluate the fairness of its all-stock offer for Inprise Corp.
Corel's tanking stock value prompted Inprise to order a second
fairness study on the planned $1.1-billion (U.S.) merger late last
"Poor first-quarter results and a surprise warning that Corel
could run out of cash by July have caused the Ottawa-based software
company's stock to drop more than 60 per cent since the deal was
announced on Feb. 7 -- when Corel's shares traded at $27.90
(Canadian) on the Toronto Stock Exchange."
"It sounds like the Inprise management would at least like to
renegotiate the terms," said Jean Orr, analyst at Bluestone Capital
Partners of New York. A new fairness opinion could give
disaffected Inprise shareholders leverage by forcing Corel to
sweeten the deal -- or persuade investors to vote it
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