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Corel To Go Private Again

Vector Capital, the private equity house that owns over 68% of the company is offering $4 a share cash, nearly a 28% premium
By Maureen O'Gara
Article Rating:
November 27, 2009 12:45 PM EST
Reads:
 927

SOA & WOA Magazine

Corel, the Canadian company that acquired the once great WordPerfect and Quattro Pro from Novell intending to take on Microsoft, is going private again.

Vector Capital, the private equity house that owns over 68% of the company is offering $4 a share cash, nearly a 28% premium, for the rest of it, having upped the offer from $3.50 to get management's backing.

The tender offer expires at midnight November 25.

Vector said last month that Corel "faces substantial operational challenges and a near-term imperative to resolve covenant compliance issues under its credit facility."

This will be the second time Vector has taken Corel private. It acquired the basis of its position in Corel from Microsoft in 2003 after Microsoft ironically saved Corel from one of its habitually precarious positions.

Corel also sells WinZip and CorelDraw. It sold off its desktop Linux operating system years ago

Published November 27, 2009 – Reads 927
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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.

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