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Technology Stocks : Corel Corp.

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To: MrBuzz who wrote (8708)	2/18/2000 6:47:00 PM
From: Dennis Nicks	Read Replies (1) of 9798

I agree with much of your assessment of the CORL/INPR merger. You forgot to mention one very important thing about Inprise/Borland. They also have some of the most respected middleware components for enterprise systems. In fact, Enterprise sales and Java sales were growing by about 30% in Q4, over Q3. The revenue mix was roughly 40% of total revenues. With business to business and ASP markets projected to boom over the next few years, Inprise is poised to take a good share of this market. Add to that any future revenues from Linux products and you've got a great growth company. A big unknown dragging down this merger is the shoot-from-the-hip management style of Cowpland. That and the dilution of the huge cash position Inprise is bringing to the table. Inprise/Borland is adding about $240 million to Corel's $30 million. There are many unhappy INPR shareholders and I imagine if the price keeps dropping, Corel shareholders will also think twice about it. I have yet to realize what exactly Corel is bringing to this merger that justifies a 0.747 conversion rate. Dennis

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