Corel denies Red Hat acquisition rumor

Corel (Nasdaq: COSFF) CEO Michael Cowpland on Tuesday denied rumors that his company was in acquisition talks with Linux software provider Red Hat. Both stocks soared Monday on a rumor that Red Hat would buy Corel, which provides office productivity software. During an interview on CNBC Tuesday, Cowpland denied there were talks between the companies on a deal. --Sean Silverthorne, ZDNN