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I look for Kobo to reduce their price or leave the marketplace. Borders management seems a bit lumbering and ambivalent to me. I don't see them reacting quickly and decisively to any fast-breaking developments. They seem more like a "we'll discuss this at the next board meeting and appoint a committee to make a recommendation that we will compromise after discussion" sort of company. I could be wrong, of course.
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Borders doesn't have deep enough pockets to play the price cut game. They are still deeply in debt from the Kmart spinoff and Waldenbooks rebranding/closings. And they don't own the Kobo reader - Kobo books in Canada does. They're just licensing it and its webstore. So I suspect that gives them less flexibility in setting the price.