Corel and Vector Capital Sign Acquisition Agreement
My spin: Corel has been bought by Vector Capital…details below. More to follow on Monday. There’s no way that Corel is going to be a leader in the business productivity application market. It’s graphics program do have some significant market share I believe, but there’s so many stellar competitors in this market also (Adobe, Microsoft, etc). Can trying to be a “leading player” in XML do anything?
I just had a thought. What id Gateway, merged with Corel – could two limping companies do something? Possibly create a powerful combination? (doubtful – but a thought)
News Clip: Ottawa, Canada and San Francisco, CA ≠ June 6, 2003 ≠ Corel Corporation (NASDAQ: CORL, TSX: COR) and Vector Capital Corporation today announced that Corel Corporation (“Corel”) and an affiliate of Vector Capital Corporation (“Vector”) have entered into a definitive Acquisition Agreement (the “Agreement”) providing for the acquisition by Vector of all of the outstanding common shares of Corel pursuant to a court-approved Plan of Arrangement (the “Arrangement”). If the Arrangement is approved by the court and the shareholders, Corel’s shareholders will receive, subject to the conditions of closing, US$1.05 in cash for each common share held which will include all common shares which may become outstanding on the exercise of options, warrants and other securities exercisable for, convertible into or exchangeable for common shares. Upon the completion of the Arrangement, Vector and its affiliates will own all of the outstanding shares of Corel.
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