Thursday, August 21, 2003

Corel investors give OK to takeover | CNET News.com

Corel investors give OK to takeover | CNET News.com "Struggling Canadian software maker Corel is set to become a privately held company, after shareholders approved a $98 million buyout offer Wednesday by venture capital firm Vector Capital.
... Corel is most widely known for its graphics applications, including the long-running CorelDraw line, and for WordPerfect, the word processing and related office software the company acquired from Novell in 1996. CorelDraw's market share has slowly eroded in recent years, a result of increasingly tough competition from Adobe Systems and other rivals. In addition, WordPerfect has yet to make a significant dent in the dominance of Microsoft's Office despite recent deals with PC makers that put Corel's software on many low-end PCs."

$98M buyout for a company reportedly holding ~$75M in cash and no debt.

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