Takeover bid for Corel pulled
Software company Corel Corp. said Monday that its majority shareholder has scrapped a plan to buy up the rest of the company.
A subsidiary of San Francisco-based Vector Capital Corp. currently owns approximately 69 per cent of the outstanding shares of Corel, and had offered $11 a share in cash to acquire the remainder.
The Vector subsidiary has advised Ottawa-based Corel that it has withdrawn its offer so that Corel can pursue its alternatives with other parties.
Corel said in a statement "there can be no assurance that any strategic alternative or other transaction will be completed or, if completed, of its terms, price or timing."
Vector initially privatized Corel in 2003, but then spun off a minority on public markets in 2006.
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