I have a textbox with the following (important) properties:
this.license.Multiline = true; this.license.ReadOnly = true; this.license.ScrollBars = System.Win
If you put the text into a label and then but the label into a System.Widnows.Forms.Panel control that has AutoScroll turned on you can display the text w/o it being selectable.
System.Widnows.Forms.Panel
AutoScroll