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Ottawa Citizen: Corel scrambles to find cash as Inprise/Borland deal collapses

May 17, 2000, 11:49 (0 Talkback[s])
(Other stories by Mark Anderson)

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"Corel Corp. is scrambling to secure alternative financing and looking to chop $40 million from its operating budget, after a deal to buy California's Inprise/Borland Corp. collapsed yesterday under the weight of investor opposition."

"Much has changed since the merger was agreed to more than three months ago," said Corel chief executive Michael Cowpland in a prepared statement."

"As a result, Corel has concluded it is in our best interest to terminate the agreement at this time."

"The collapse of the deal, which would have brought some $140 million in cash into Corel's coffers, leaves the company on a precarious financial footing."

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