Corel gets a buyout offer, may go private again
San Francisco firm offers $11 US a share
Last Updated: Friday, March 28, 2008 | 4:35 PM ET
The Canadian Press
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Corel Corp., once Canada's best-known software company, says its largest shareholder, an affiliate of San Francisco-based Vector Capital, is offering $11 US a share for the 31 per cent of Corel it doesn't currently own.
That is a slight premium to the recent market price for the Ottawa-based company, best known for its Corel graphics products and WordPerfect office software.
Ottawa-based Corel is best known for its Corel graphics products and WordPerfect office software.
(CBC)
But it is down from $15.36 US when the shares began trading in April 2006 after the company did an initial public offering that kept Vector as the majority owner.
The stock traded at $10.80 US on the Nasdaq market and at $10 Cdn in Toronto before a halt was issued ahead of the announcement.
After trading resumed, it closed at $11.24 in New York and $11.45 in Toronto, suggesting that traders were betting on a slightly better offer.
Corel three-month chart
Corel, at one time a potential rival to Microsoft Corp in the office productivity segment of the desktop computer market, was bought and taken private by Vector several years ago.
The company later returned to the public markets but, except for a few days shortly after the IPO, the stock has traded lower ever since.
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