Corel Receives Proposal from Majority Shareholder
March 28 2008 - 1:48PM
PR Newswire (US)
OTTAWA, March 28 /PRNewswire-FirstCall/ -- Corel Corporation
(NASDAQ:CREL; TSX:CRE), a leading developer of graphics
productivity and digital media software, announced today it has
received an unsolicited proposal from Corel Holdings, L.P. (which
is controlled by an affiliate of Vector Capital Corporation)
("CHLP"), the holder of 69% of Corel's outstanding common shares.
CHLP is proposing to make an offer to acquire all of Corel's
outstanding common shares not currently held by CHLP at a price of
US$11.00 cash per share. CHLP has indicated that any such offer
would be conditional upon, among other things, satisfactory
confirmatory due diligence and Corel's existing credit facility
remaining in place following the consummation of any transaction.
The Board of Directors of Corel has formed a Special Committee of
independent members of the Board consisting of Ian Giffen, Steven
Cohen and Daniel Ciporin to assist it in evaluating and responding
to the CHLP proposal and other related strategic considerations.
Corel will not be providing further comment at this time but will
provide updates as further information becomes available. There can
be no assurance that any transaction will be completed or, if
completed, of its terms, price or timing. About Corel Corporation
Corel is a leading developer of graphics, productivity and digital
media software with more than 100 million users worldwide. The
Company's product portfolio includes some of the world's most
popular and widely recognized software brands including
CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop Pro(R) Photo,
Corel(R) Painter(TM), Corel DESIGNER(R), Corel(R) WordPerfect(R)
Office, WinZip(R), WinDVD(R) and iGrafx(R). Designed to help people
become more productive and express their creative potential,
Corel's software strives to set a higher standard for value with
full-featured products that are easier to learn and use. The
industry has responded with hundreds of awards recognizing Corel's
leadership in software innovation, design and value. Corel's
products are sold in more than 75 countries through a
well-established network of international resellers, retailers,
original equipment manufacturers, online providers and Corel's
global websites. The Company's headquarters are located in Ottawa,
Canada with major offices in the United States, United Kingdom,
Germany, China, Taiwan, and Japan. Corel's stock is traded on the
NASDAQ under the symbol CREL and on the TSX under the symbol CRE.
http://www.corel.com/ (C) 2008 Corel Corporation. All rights
reserved. Corel, CorelDRAW, Paint Shop Pro, Snapfire, Painter,
Corel DESIGNER, WordPerfect, WinZip, iGrafx, the Corel logo,
InterVideo, Ulead, WinDVD and WinDVD Creator are trademarks or
registered trademarks of Corel Corporation and/or its subsidiaries.
All other trademarks are the property of their respective holders.
DATASOURCE: Corel Corporation CONTACT: CRELF: Press Contact: Corel
Corporation, Catherine Hughes, (613) 728-0826 x1659, ; Investor
Relations Contact: The Blueshirt Group, (415) 217-7722, ; Stacie
Bosinoff,
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