Inprise/Borland Board Requests Update of Fairness Opinion in Corel Merger
Thursday, April 27, 2000 08:46
SCOTTS VALLEY, Calif., April 27 /PRNewswire/ -- Inprise/Borland today announced that its Board of Directors has requested the Company's financial advisor, Broadview International LLC, to update its opinion as to the fairness to Inprise/Borland stockholders, from a financial point of view, of the exchange ratio in the Company's previously announced merger transaction with Corel Corporation.
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On February 6, 2000, Inprise/Borland entered into a merger agreement with Corel, pursuant to which holders of the Company's common stock, upon completion of the merger, would receive 0.747 of a Corel common share for each share of the Company's common stock. On that date, Broadview delivered to the Inprise/Borland Board its written opinion to the effect that, as of February 6, 2000 and subject to the assumptions made and qualifications set forth therein, the exchange ratio was fair, from a financial point of view, to the Company's stockholders.
The Inprise/Borland Board of Directors, after taking into account, among other things, Corel's first quarter financial results and Corel's recent statements concerning its cash position and near-term financial prospects, determined to request an update of Broadview's fairness opinion. Inprise/Borland anticipates that Broadview will complete its updated financial review within the next few weeks.
About Inprise/Borland Corporation
Inprise/Borland is a leading provider of Internet access infrastructure and application development tool and services for major platforms, including Linux, Solaris and Windows. Founded in 1983, Inprise/Borland is headquartered in the Silicon Valley, California, with operations worldwide. To learn more, visit Inprise/Borland at borland.com , the community site at community.borland.com or call Inprise/Borland at 800-632-2864.
Forward-looking statements in this release, including but not limited to, those concerning Inprise's future financial performance, product development plans, and the potential features of or benefits to be derived from Inprise's products, involve a number of uncer tainties and risks, and actual events or results may differ materially. Factors that could cause actual events or results to differ materially include, among others, the following: possible disruptive effects of organizational or personnel changes by Inprise, shifts in customer demand, risks associated with the planned merger with Corel, market acceptance of Inprise's new or enhanced products, delays in scheduled product availability dates, actions or announcements by competitors, software errors, general business conditions and market growth rates in the client/server and Internet software markets, and other factors described in Inprise's S.E.C. reports on Forms 10-K and 10-Q.
NOTE: Inprise product names are trademarks or registered trademarks of Inprise Corporation. Other names mentioned herein may be trademarks of the party using such names.
SOURCE Inprise/Borland Corporation
CONTACT: Fred Ball of Inprise/Borland Corporation, 831-431-1402
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