This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Corel receives $3.50 (U.S.) takeover bid 2009-10-28 17:48 ET - News Release Ms. Ada Wong reports COREL HOLDINGS LAUNCHES ALL-CASH TENDER OFFER FOR ALL OUTSTANDING COMMON SHARES OF COREL CORPORATION AT U.S. $3.50 PER COMMON SHARE
Corel Holdings LP (CHLP), a limited
partnership controlled by an affiliate of Vector Capital, has formally commenced an all-cash tender offer to acquire all of
the issued and outstanding common shares of Corel Corp. at a price of $3.50 (U.S.) per share, net to the seller in
cash, without interest and less applicable withholding taxes. The tender
offer is scheduled to expire at midnight (New York time) on Wednesday,
Nov. 25, 2009.
"After a lengthy effort to explore all opportunities to maximize
shareholder value and numerous discussions with the disinterested directors
of Corel Corporation, we have determined that this is the right time to
take the company private and that our offer provides an opportunity for the
company's minority shareholders to realize immediate liquidity and a
substantial premium to the value that could be obtained by selling in the
market should Corel remain public," said Amish Mehta, partner at Vector
Capital. "The company faces substantial operational challenges and a near-term imperative to resolve covenant compliance issues under its credit
facility. We are willing to take on these risks, and believe our offer is
fair to the company's minority shareholders."
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