Corel Jumps 92% After Selling 25%Stake to Microsoft

Canadian software maker Corel ( CORL) was up 91.5% early in the preopen Island session after announcing that Microsoft ( MSFT) bought 24 million of its convertible preferred shares at $5.63, giving Microsoft a 24.6% nonvoting stake.

Microsoft said it viewed the purchase as an investment and is not interested in acquiring Corel. Microsoft was up 0.2%. The companies said they would work together on testing, development and marketing Microsoft's .Net platform.

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