UPDATE 1-Corel hires advisor to review shareholder bid

(In U.S. dollars)

TORONTO, April 14 (Reuters) - Digital media software and consumer graphics maker Corel Corp (CRE.TO: Quote, Profile, Research, Stock Buzz)(CREL.O: Quote, Profile, Research, Stock Buzz) said on Monday that it has hired a financial advisor to review an unsolicited buyout bid from its majority shareholder.

Corel said it picked Genuity Capital Markets as financial advisor, and retained Bennett Jones LLP and Bingham McCutchen LLP as legal advisors to assist in considering and responding to the proposal.

As well, Corel's special committee of the board of directors will evaluate strategic alternatives to the proposal to maximize shareholder value.

Corel Holdings LP, which already owns 69 percent of Corel's common stock and is controlled by private-equity firm Vector Capital Corp, offered $11 a share in cash for the rest of the stock at the end of March.

The bid could see Ottawa-based Corel become a private company for the second time in five years. With 25.45 million shares outstanding at the end of February, the bid values the entire company at about $280 million.

The company said on Monday the committee "has been advised by Vector that it is interested in working toward completing the transaction it has proposed, but is committed to ensuring a full and fair strategic review process."

Corel's shares were flat in late morning trading on the Toronto Stock Exchange. (Reporting by Leah Schnurr; Editing by Bernadette Baum)