Corel on Friday unveiled a shareholders rights plan designed to ward off unsolicited takeover bids for the company, amid speculation that rival Adobe Systems is preparing to attempt a hostile acquisition.
But Corel (COSFF), a Canadian software company that publishes WordPerfect and other business programs, denied that Adobe (ADBE), or any other company, is preparing a bid.
"We haven't been approached by Adobe, and Adobe has echoed that as well," said spokeswoman Catherine Hughes. Adobe representatives could not immediately be reached for comment.
Hughes said the plan was approved by regulators last July, but lapsed because it wasn't brought before shareholders in time. Now that the plan has been implemented by the Corel board of directors, it must be reapproved. Then stockholders will vote on it at the 14 April annual meeting before it goes into effect. "It's just housekeeping," she said of Friday's announcement.
- - -
A strong arm at TCI: AT&T chairman C. Michael Armstrong will take the lead role in running Tele-Communications Inc. following AT&T's acquisition of the cable company, The Wall Street Journal said Friday.
Armstrong said in an interview that he will become more involved in day-to-day operations, including TCI (TCOMA), while relinquishing some of his broad oversight duties.
Armstrong will also oversee AT&T Business Services and AT&T Solutions, the company's network outsourcing business, as well as network, technology, and finance operations, the paper said. Armstrong said Leo Hindery, TCI's president will report directly to him.
Hindery will head AT&T Broadband Services, AT&T's cable-phone ventures, the Journal said.
