Cector Capital affiliate wants to acquire Corel

By Lisa Kerner

Charlotte, N.C., March 28 - Corel Corp. said it received an unsolicited proposal from Corel Holdings, LP, which is controlled by an affiliate of Vector Capital Corp.

Vector Capital holds 69% of Corel's outstanding common shares, according to a Corel news release.

Corel Holdings is proposing to make an offer to acquire all of Corel's outstanding common shares it does not currently hold for $11 cash per share, the release stated.

The offer would be conditioned upon satisfactory confirmatory due diligence and Corel's existing credit facility remaining in place after the transaction's close.

Corel said a special committee of its board of directors will evaluate and respond to Corel Holdings. The special committee consists of independent directors Ian Giffen, Steven Cohen and Daniel Ciporin.

Corel said there can be no assurance it will enter into any transaction, and the company will provide updates as information becomes available.

Corel, based in Ottawa, operates as a packaged software company. Its graphics and productivity products include CorelDRAW Graphics Suite and Corel Painter.

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