INPR - Inprise to Borland (BORL) Message Board

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Technology Stocks : INPR - Inprise to Borland (BORL)

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To: Dennis Nicks who wrote (4857)	5/2/2000 2:02:00 AM
From: Dennis Nicks	Read Replies (2) of 5102

The updated Broadview report should not only take into account changes in the financial position of Corel. It should also review the "comparable indexes" that it used to put a fair price on Inprise and Corel. If you take a look at the comparable index used for Inprise, only traditional software providers are listed. There is no representation of enterprise players. No IONA, no BEAS! This represents about 35% of revenues and also a high growth business, but isn't factored into the comparable index (look around page 30 of the SEC filing containing the Broadveiw report). This gaping oversight seriously underestimates the value of Inprise. Compare that to the comparable index used for Corel. Broadview throws in top tier Linux players, when Corel's Linux revenue is about 5% of its total revenue. This seriously overestimates the value of Corel. The bottom line is, Inprise shareholders get the shaft. There is no way this deal will go through and management knows it. Unfortunately, I will not be able to attend the next shareholders meeting in person. I'm sure there will be many angry attendees and some management squirming for answers. Dennis

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