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Upside: No eulogies for Corel-Inprise

May 17, 2000, 12:00 (0 Talkback[s])
(Other stories by Sam Williams)

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"As representatives of Corel (CORL) and Inprise/Borland (INPR) took turns shoveling dirt over their ill-fated merger plans yesterday, observers in the financial community didn't waste any time with long-winded eulogies."

"It's completely obvious what happened," said Duncan Stewart, technology analyst for Toronto-based Tera Capital. "The deal was dead as soon as Corel's market share started dropping. Once Inprise investors got wind of how bad the deal was, it was only a matter of time."

"Indeed. What had begun on Feb. 7 as a potential $1.07 billion deal to establish a Linux powerhouse had fallen below the $300 million mark less than 90 days later as Corel's prices evaporated in the face of mounting financial troubles. Software maker Corel, based in Ottawa, Canada, saw its stock slip from 20 before the deal was struck on Feb. 7 to a close of 5 13/32 on Monday. In April, Inprise executives, prodded by shareholders, announced a "fairness audit" of the merger plans, setting in motion yesterday's announcement. Inprise is based in Scotts Valley, Calif."

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