Corel slides in wake of buyout offer withdrawal
Canada’s Corel Corp. (Nasdaq:CREL) saw its stock fall by 4.7% after announcing before the bell this morning that Corel Holdings LP has withdrawn its offer to acquire remaining outstanding shares.
Corel Holdings — an affiliate of Vector Capital Corp. — currently owns about 69% of Corel Corp., an Ottawa, Ontario-based business software firm.
Corel Holdings originally announced the buyout proposal of $11 a share in cash on March 28. Since then, Corel’s board formed a special committee that, among other things, identified other third-party strategic alternatives.
Corel Holdings says it was withdrawing its proposal so that Corel Corp. could pursue some of those alternatives.
Corel is at $9 mid-morning, down $0.44 from Friday’s close. The stock has traded between $6.94 and $13.95 in the past 52 weeks.
For detailed price information and news stories on Corel Corp., click CREL.
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Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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